the simple interest on a certain sum of money for 2 years at 5 and half percent is rupees 6600 what will be the compound interest on the sum at the same rate for the same time period?
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Answer:
Interest for 1 year = 5.5%
Interest for 2 years = 5.5 x 2 = 11%
Principal Amount = Interest Amount / Interest Rate
= 6600 / 11%
= 60,000/-
Compound Interest for 2 years @ 5.5% = 11.3025%
Interest Amount = 60,000 x 11.3025%
= Rs. 6781.50
Step-by-step explanation:
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