Question

If the simple interest on a sum of money for 2 years at 5% per annum is Rs 50, what is the compound interest on the same, for the same time, at the same rate, compounded annually? *

Answer 1

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Answer 2

Answer:

we have,

time=2yr

rate=5%

n=24month

p=₹50

si=p*r*n(n+1)/100*2*12

=50*5*24*25/100*2*12

=₹62.5