if the compound interest on a sum for 2 years at 4% p.a. is ₹408, then the simple interest on the same sum at the same rate and
1 answer:
Given that:
CI = ₹408
years = 2 years
Rate of interest = 4%
A = P{1+(R/100)}^
A-P = p{1+(R/100)}^n - P
I = P[1+(R/100)}^n - 1]
408 = P[{1+(4/100)²} - 1]
= P[{1+(1/25)²} - 1]
= P[(26/25)² - 1]
= P[(676/625) - 1]
= P[(676-625)/625]
408 = P(51/625)
P = 408*(625/51)
= 8*625 = 5000
Sum = 5000
Simple Interest (I) = (P*R)/100
= 5000*2*(4/100)
= 50*2*4 = 400
From the given above options, option (a) ₹400 is your correct answer.
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