10. Find the simple interest at the rate of 8% p.a. for 4 years on that principal which in 6 years, 6 months at the rate of 4% p.a. gives $1600 as simple interest.
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The simple interest on a certain sum of money for 2 years at 10% p.a. is 1600. Find the amount due and the compound interest on this sum of money at the same rate after 3 years, interest being reckoned annually.
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It is given that
Period = 2 years
Rate = 10% p.a.
We know that
Sum = (SI×100)/(r×n)
Substituting the values
= (1600×100)/(10×2)
= 8000
Here
Amount after 3 years =P(1+r/100)
n
Substituting the values
=8000(1+10/100)
3
By further calculation
=8000×11/10×11/10×11/10
=10648
So the compound interest = A -P
Substituting the values
= 10648−8000
= 2648
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Answer is 2648
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