The compound interest on certain sum of money at the certain rate for 2 years is 40.80 and the simple interest on the same sum is 40 at the same rate and same time. Find the rate of interest .
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The Compound interest and certain sums for 2 yrs = Rs. 40.80
The simple interest for 2 yrs = Rs. 40
∴∴ Simple interest for one year = Rs. 20
Interest for Rs. 20 for one year = 80 paise
∴∴ Interest for Rs.100 = 4 %
∴∴ S.I = Rs.20, R = 4%, N = 1yr
∴P=100INR=100×201×4= Rs.500∴P=100INR=100×201×4= Rs.500
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Answer = Rs.500
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The compound interest on a certain sum for 2 years is Rs. 40.80 and the simple interest is Rs. 40. Find the sum
A) Rs. 500
B) Rs. 400
C) Rs. 300
D) Rs. 450
Correct Answer:
A) Rs. 500
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