If the simple interest on a sun of money for 2 years at 5% p.a. is ` 50, what will be the compound interest on the same sum at the same rate for the same time.
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Answer:51.5 is compound interest
Step-by-step explanation:
formula for simple interest is pnr/100
where p is principle amt.
n is no. of yrs
r is rate
therefore 50=p*2*5therefore p=500
formula for compound interest is C.I.=P(1+r/100)^n -1
therefore ci=500[1+5/100]^2 -1
therefore ci=500[1+1/20]^2 - 1
therefore ci =500[20/20 +1/20]^2 -1 [20/20 =1]
therefore ci=500[441/400] -1
therefore ci=500 [441/400-400/400] [400/400=1]
ci=500*41/400
ci= 51.25
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