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Understanding Compound Interest Using Simple Interest (Rate Compounded Annually)

Rahul borrows...

Question

Rahul borrows a sum of Rs.10,000 for 2 years at a rate of interest 4% per annum. Find the simple interest he pays.

A

Rs.700

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B

Rs.800

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C

Rs.850

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D

Rs.750

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Solution

The correct option is B
Rs.800

P = Rs.. 10000, R = 4%, T = 2 years

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