If the compound interest on a sum at the rate of 5% p.a. for 2 years is Rs. 328, then find simple interest of same amount for same year and same rate of interest.
Answer & explanation
Correct answer: option 3
C.I. @ 5%pa for 2 years = 10.25%
S.I. @ 5%pa for 2 years = 10%
ATQ,
⇒ P × 10.25% = 328
⇒ P × 1% = \(\frac{328}{10.25}\) = 32
⇒ P × 10% = 32× 10 = 320