Question

what sum Of Money will produce the same compound interest in 2 years at 5 % per annum as rupees 943produces in 10 years at 5% rate of simple interest

Answer 1

Simple interest,
943 × 10years × 5% = 471.5
By using compound interest,
[(4600+5%)+5%]= 5071.5
i.e. the interest is (5071.5-4600)=471.5.
hope this helps you out