Question
On a certain sum of money, the simple interest for 2 years is Rs.350 at the rate of 4% per annum. If it was invested at compound interest at the same rate for the same duration as before, how much more interest would be earned ?
Answer: Option D
Answer: (d)Principal = $\text"S.I. × 100"/\text"Time × Rate"$= ${350 × 100}/{2 × 4}$ = Rs.4375Difference = ${PR^2}/10000$= ${4375 × 4 × 4}/10000$ = Rs.7
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Answer: (d)Principal = $\text"S.I. × 100"/\text"Time × Rate"$= ${350 × 100}/{2 × 4}$ = Rs.4375Difference = ${PR^2}/10000$= ${4375 × 4 × 4}/10000$ = Rs.7
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