Question
Download Solution PDFSarang invested some money in HDFC at 4% per annum rate of interest. What would be the corresponding simple interest (in ₹) if after 2 years, Sarang got ₹153 as compound interest, considering annual compounding?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rate of interest (r) = 4% per annum
Time (t) = 2 years
Compound Interest (CI) = ₹153
Formula used:
CI = P(1 + r/100)t - P
SI = (P × r × t) / 100
Calculations:
Let the principal amount be P.
CI = P(1 + 4/100)2 - P
153 = P(1.04)2 - P
153 = P(1.0816) - P
153 = P(1.0816 - 1)
153 = P(0.0816)
P = 153 / 0.0816
P = 1875
Now, we need to calculate the simple interest (SI) for the same principal, rate, and time.
SI = (P × r × t) / 100
SI = (1875 × 4 × 2) / 100
SI = 15000 / 100
SI = 150
∴ The simple interest is ₹150.
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