If the compound interest on a certain sum of money for 2 years is ₹ 3280 . What would the corresponding simple interest be, given the rate of interest is 5 % per annum?

Question

If the compound interest on a certain sum of money for 2 years is ₹ 3280 . What would the corresponding simple interest be, given the rate of interest is 5 % per annum? (A) ₹ 3150 (B) ₹ 3200 (C) ₹ 3100 (D) ₹ 3050

Tardigrade Admin · Accepted Answer

(i) Find the principal from the given data. (ii) Use CI =P[(1+(R/100))n-1], text i.e., 3280=P[(1+(5/100))2-1] text . (iii) Find P from the above information. (iv) Now, use SI =(P × R × T/100).

Q. If the compound interest on a certain sum of money for 2 years is ₹ 3280 . What would the corresponding simple interest be, given the rate of interest is $5%$ per annum?

₹ 3150

₹ 3200

₹ 3100

₹ 3050

(i) Find the principal from the given data.
(ii) Use $C I = P [(1 + \frac{R}{100})^{n} - 1]$ ,
$i.e., 3280 = P [(1 + \frac{5}{100})^{2} - 1] .$
(iii) Find $P$ from the above information.
(iv) Now, use SI $= \frac{P \times R \times T}{100}$ .

Q. If the compound interest on a certain sum of money for 2 years is ₹ 3280 . What would the corresponding simple interest be, given the rate of interest is 5% per annum?