Mathematics · Interest

The compound interest on a certain amount for 2 years at 4% per annum is ₹1,020, if interest is compounded annually. Find the simple interest on that amount for 2 years at 4% per annum.

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1₹1,000✓
2₹950
3₹850
4₹800

Correct answer

₹1,000

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The compound interest on a certain amount for 2 years at 4% per annum is ₹1,020, if interest is compounded annually. Find the simple interest on that amount for 2 years at 4% per annum.

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The compound interest on a certain amount for 2 years at 4% per annum is ₹1,020, if interest is compounded annually. Find the simple interest on that amount for 2 years at 4% per annum.

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