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Simple interest on a certain sum of money at 9% is Rs 450 in 2 years. Find the compound interest on the same sum at the same rate for 1 year if the interest is reckoned half-yearly. |
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Answer» For a certain principal amount whose simple interest at 9% is Rs 450 in 2 years, the compound interest on the same sum at the same rate for 1 year if the interest is reckoned half-yearly is Rs 230.0625. Simple interest refers to the interest charged on a certain sum at a certain rate of interest per year. |
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