Yogesh invested a certain sum of money at 10% per annum. After 2 years, he received ₹147 as compound interest, compounded annually. Find the corresponding simple interest (in ₹) for 2 years at the same rate.
140
Let the principal be \(P\).
Compound interest for 2 years at 10% p.a.: \(CI = P\left[\left(1 + \frac{10}{100}\right)^2 - 1\right] = P\left[(1.1)^2 - 1\right] = P \times 0.21\)
Given CI = ₹147, so \(0.21P = 147 \Rightarrow P = 700\).
Simple interest for 2 years at 10%: \(SI = \frac{P \times R \times T}{100} = \frac{700 \times 10 \times 2}{100} = 140\)
Hence, the corresponding simple interest is ₹140.
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Important Questions from Simple and Compound Intrest
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