InterviewSolution
Saved Bookmarks
| 1. |
Compound interest on a certain sum for 2 years at the rate of 11% per annum is Rs. 1160.5. What will be the simple interest (in Rs) for the same amount at the same rate of interest for 2 years?1). 90002). 10003). 11004). 1050 |
|
Answer» Let the principle be P. Compounded AMOUNT = P{1 + (11/100)}2 = 1.2321P Compound interest = 1.2321P – P = 0.2321P According to the question, ⇒ 0.2321P = 1160.5 ⇒ P = 5000 Now, ∴ Simple interest = (5000 × 11 × 2) /100 = 1100 |
|