Question

The compound interest on a certain sum at rate= 5% p.a for 2 years is ₹410 and simple interest is ₹400? find sum
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Answer 1

Answer:

see explanation

Step-by-step explanation:

⇒  It is given that simple interest in 2 years = Rs.400

⇒  Simple interest for 1 year = Rs.200

⇒  Hence, Compound interest for 1 year = Rs.200

⇒  Given compound interest for 2 years = Rs. 410

∴   Compound interest for 2 years = Compound interest 1st year + Compound interest 2nd year

⇒  Compound interest for 2nd year = Rs.410 - Rs.200 = Rs.210

⇒  That is interest on Rs.200 for 1 year = Rs.210-Rs.200=Rs.10

⇒  We know I=

100

P×T×R

⇒  10=

100

200×1×R

⇒  2R=10

∴    R=5%