Question

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?

Answer 1

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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