Is the compound interest on a sum for 2 years at 12 1 by 2% per annum is rupees 510 the simple interest on the same sum at the same rate for the same period of time is?

• Aptitude
• Simple and compound interest

Correct Answer:

Description for Correct answer:
Rate \%= \( \Large 12\frac{1}{2} \% =\frac{1}{8}=\frac{9 \rightarrow Amt.}{8 \rightarrow Pri.} \)

According to the question,

17 units = Rs. 510

1 unit = Rs. 30

64 units = Rs. \( \Large 30 \times 64\)= Rs. 1920

Hence principal = R5. 1920

SI for 2 years

= \( \Large 12\frac{1}{2} \times 2 \)=25 %

Required SI = \( \Large \frac{1920 \times 25}{100}= Rs.480 \)

Hence, Required SI = Rs.480

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