The compound interest on a certain sum of money for 2 years at 10% per annum is Rs.420. The simple interest on the same sum at the same rate and for the same time will be :
Rs.350
Rs.375
Rs.380
Rs.400
Explanation:
Let principal be P. Then, P(1+P1002)−P=420⇒PP(1+P1002)−P=420⇒P=Rs.2000
S.I = Rs.2000×2×101002000×2×10100= Rs.400
Let principal be P. Then, P(1+P1002)−P=420⇒PP(1+P1002)−P=420⇒P=Rs.2000
S.I = Rs.2000×2×101002000×2×10100= Rs.400