at what rate of interest would compound interest on a sum in
two years be 20% more than the corresponding simple interest?
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Answer / susovan
let assume total sum = 100
if it is simple interest then after 2 years it will be
100 + (2*20) [as the interest is 20%] = 140
now for compound interest(20%)---
1st year, 100 + 20 = 120
2nd year, 120 + 120*20/100 = 144
so the difference is (144 - 140) = 4
so the interest will be 4/100 = .04% extra from somple interest in 2 years.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / ln
as we know compound interest means interest on interest
ex-
in question given interest rate is 20%
for 1st year =20%
for 2nd year=20 of 20% means 20+2=22%
then total interest be: 20+22=44%
i think soooooo
| Is This Answer Correct ? | 0 Yes | 3 No |
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