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The simple interest on a certain sum for 2 years at 10% per annum is Rs.90. The corresponding compound interest is?

Rs. 99
Rs. 95.60
Rs. 94.50
Rs. 108

Correct Answer: Rs. 94.50

Explanation:

Principle = (100 x interest) / (time x rate)
⇒ Sum = (100 x 90) / (2 x 10) = Rs. 450
C.I. =Rs.[ 450 x (1 + 10/100)² - 450] = Rs. 94.50

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