If the compound interest on a sum for 2 years at 5% is Rs. 307.50, the simple interest on the same sum for 2 years at 5% is: MCQ with Answer and Explanation

Explanation:
A = 3500 × (1.08)² = 3500 × 1.1664 = 4082.40, CI = 4082.40 − 3500 = Rs. 582.40.

Explanation:
P = 10816 / (1.04)² = 10816 / 1.0816 = 10000.

Explanation:
Effective rate of compound interest for 2 years at 6% = 6 + 6 + (66)/100 = 12.36%. Simple interest rate = 6 * 2 = 12%. Given 12.36% of sum = 370.80 => 1% of sum = 30. Simple Interest = 12% of sum = 12 * 30 = Rs. 360.