The simple interest on a sum of money for 2 years at 45 per annum is ₹340. Find:
a. the sum of money
b. the compound interest on this sum payable half yearly at the same rate.
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1
Step-by-step explanation:
T=2years,R=4%,S.I.=340
S.I.=
100
P×R×T
340=
100
P×2×4
34000=8P⇒4250=P
A=P(1+
100
R
)
2
A=4250(1+
100
4
)
2
A=4250×
100
104
×
100
104
A=4596.8
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