Rajeev borrowed a certain sum of money for two years at 10% simple interest and then lent money to his friend at same rate and time at compound interest. Then he earned profit of rupees 10 in interest. Find the sum
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The simple interest formula allows us to calculate I, which is the interest earned or charged on a loan. According to this formula, the amount of interest is given by I = Prt, where P is the principal, r is the annual interestrate in decimal form, and t is the loan period expressed in years.
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