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If the simple interest on a sum of money for 2 yr at 5% per annum is Rs. 50, what is the compound interest on the same at the same rate and for the same time?
1. Rs. 51.25
2. Rs. 52
3. Rs. 54.25
4. Rs. 60

1 Answer

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Best answer
Correct Answer - Option 1 : Rs. 51.25

Given :

S.I on money for 2 year at 5% = Rs. 50

Formula used :

SI = P * R * T / 100 

CA = P(1 + R/n)^nT

where,

P= principal

R= Rate

T= Time

SI = Simple Interest

CA= Compound Interest

Calculation : 

SI = P * R * T / 100

50 = P * 5 * 2 /100 ; on solving get

 P = 500

CA = P(1 + R/n)^nT 

CA = 500 (1 + .05)^2 then CA with principal = Rs. 551.25 

So CA without principal = 551.25 - 500 = Rs. 51.25

Compound Interest = Rs. 51.25

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