Question

if you invest 550 at a rate of 2% per year simple interest, how much do you have after 10 years?

Answer 1

Simple interest= PNR/100
= 550×10×2
= 5500×2
= 11000 Rs

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Answer 2

principal=550
rate of interest=2%
interest= principal×rate of interest×time /100
=550×2×10/100
=110
amount=principal+interest
= 550+110
= 660rupees