Question

The compound interest on a certain sum at 5% p.a. for 2 year is 328. The simple interest on that sum at the same rate and for the same period will be

Answer 1

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Answer 2

Answer:

The simple interest on that sum at the same rate is rupees 320.

Step-by-step explanation:

Let the principal be x.

Rate of interest = 5%=0.05

Time = 2 years

Formula for amount:

$A=P(1+r)^t$

$A=x(1+0.05)^2$

$A=x(1.05)^2$

$I=A-P$

$I=1.1025x-x$

The compound interest on a certain sum at 5% p.a. for 2 year is 328.

$328=0.1025x$

$\frac{328}{0.1025}=x$

$3200=x$

The value of sum is 3200.

Formula for simple interest is

$I=P\times r\times t$

$I=3200\times 0.05\times 2=320$

Therefore the simple interest on that sum at the same rate is rupees 320.