On a certain sum of money, the
simple interest for 2 years is
Rs.350 at the rate of 4% per
annum. It was invested at
compound interest at the same
rate for the same duration as
before, how much more
interest would be earned?
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Simple Interest (I) = PTR100
350 = P×2×4100
P = 4375
Compound Interest mcq solution image
C.I = 175 + 175 + 7 = 357
Difference = 357 - 350 = Rs. 7
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