Discussion of Question with ID = 036 under Compound-Interest

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An amount P is invested for 1 year @2% p.a. The simple interest is Rs. 3000. What would be the compound interest on the same amount, at the same rate and for the same time, compounded annually?


Rs. 3000.


Rs. 3100.


Rs. 2900.


Rs. 3200.

Ans: a

The compound interest and simple interest are exactly same for a period of 1 year if P and r are always same.

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