If the compound Intrest on a certain sum for 2 years at 12% p.a. is Rs.1590 then what will be the simple intrest at the same rate and for the same period
Solution(By Examveda Team)
Let principal was X.A = P*[1+ (r/100)]n
X + 1590 = X * [1+ (12/100)]2
1.2544X -X = 1590
0.2544X = 1590
X = 6250.
Now,
Simple interest = PTR/100
Simple interest = (6250 * 2 *12)/100 = Rs. 1500.
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