The simple interest for certain sum in 2 yr at 4% pa is ₹ 80. What will be the compound interest for the same sum, if conditions of rate and time period are same?
Correct Answer: ₹ 81.60
Explanation:
Given, n = 2 yr, R = 4% and SI = 80
According to the formula,
CI = SI(1 + 4/200) = 80 x 51/50 = ₹ 81.60
