Simple interest on a sum of money for 3 years at 6 1/4 % per annum is RS.2400/-.What will be the compound interest on that sum at the same rate for the same period?
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Answer:
Rate of interest = 6 1/4 = 25/4
Time = 3 yrs
Simple interest = PRT/100
= 2400×25×3/4 ×100
= 450
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