Question
Download Solution PDFA sum invested at 10% p.a. for 2 years becomes Rs. 3,267, when the interest is compounded annually. What will be the simple interest on the same sum at the same rate in
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A is the amount after 2 years = 3267
r is the rate of interest = 10%
n is the number of years = 2 years
Concept Used:
A = P (1 +
S.I =
Calculation:
Determine the principal amount
A = P (1 +
⇒ 3267 = P (1 + 10/100)2
⇒ P = 3267 × 100/ 110 × 100/ 110 = 2700
Now Simple Interest
S.I =
S.I = 2700 × 10× 2.5 /100 = 675
∴ The Correct answer is Option (1): Rs. 675
Last updated on Apr 30, 2025
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