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plz solve this question and help me I mark you as brainlist and follow you
those give me wrong and inappropriate answer I will report those answers
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Answer:
The sum is ₹
Required interest rate is 5.125%
Step-by-step explanation:
Let's assume that the Amount was P
At the rate of 5% per annum compounded annually for 2 years
Amount = where R is the interest rate in % annually at T is Number of cycles i.e. years.
∴
∴ = ₹
Now the same Sum at r% annual simple interest for 2 years results in same amount:
where, A is the amount, P is original sum, T is number of years.
∴
∴
∴
∴
Required interest rate is 5.125%