The compound interest on a certain sum of money for 2 years at the rate of 5% per annum is 820.
Find the sum. Find the rate of interest which will fetch the same interest in 2 years time if the sum of money is given on simple interest.
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Let the sum=P Rs.
S.I=50 Rs.
Rate of interest=5 %
Time =2 years.
S.I=
100
P×R×T
50=
100
P×5×5
P=
5×2
50×100
=500Rs.
C.I. of 500 Rs
Amount=500(1+
100
5
)
2
⇒500×
100
105
×
100
105
⇒500×
20
21
×
20
21
⇒551.25
C.I=551−500−51.25Rs.
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