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Question
The compound interest on a certain sum of money at 5% p.a. for 2 years is Rs 512.50. What will be the simple interest on the same sum for 3 years at 6% p.a.?
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Solution
P =x ; t = 2 years ; r = 5%; A=Rs (x + 512.50)
`"A" = "P" (1 + "r"/100)^"n"`
Rs ( x +512.50)= x `(1 + 5/100)^2`
Rs ( x + 512.50) = x × 1.05 × 1.05
Rs ( x + 512.50) = 1.1025 x
0.1025 x = Rs 512.50
x = Rs 5,000
I =`("P" xx "r" xx "t")/100`
I = Rs `(5000 xx 6 xx 3)/100`
I = Rs 900
Simple interest will be Rs 900
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