1 20. Find the sum whose simple interest at 6% per annum in 2 years is the same as the interest of 400 at 2 5% simple annual interest for 3 years. The interest of which
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Class 11
>>Applied Mathematics
>>Basics of financial mathematics
>>Accumulation with simple and compound interest
>>The simple interest on a sum of money fo
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The simple interest on a sum of money for 2 years at 4% per annum is Rs. 340.Find :
(i) the sum of money and
(ii) the compound interest on this sum for one year payable half-yearly at the same rate.
Easy
Solution
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S.I=Rs.340,Time=2 years,R=4%
(i)Let the sum of money be rs.x
S.I=
100
PRT
⇒340=
100
x×4×2
⇒x=
4×2
340×100
=Rs.4250
(ii)C.I for Rs. 4250 for one year payable half-yearly
∴ T=1 year=2 half year,Rate=
2
4
=2%
A=P(1+
100
R
)
T
⇒4250(1+
100
2
)
2
⇒4250(
100
102
)
2
⇒4250×
50
51
×
50
51
=4421.70
C.I=A−P
⇒4421.70−4250=Rs.171.70
Step-by-step explanation:
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Answer:
SI=
SI= 100
P×t×r
P=400,r=6,t=3
∴SI=
SI= 100
SI= 100400×6×3
=72