Question

A certain sum of money amounts to 23.400
in 3 vears at 10% per annum simple interest
Find the amount of the same sum in 2 years
and at 10 pa. compound interest.​

Answer 1

For ,

N=3 years

R=10% 

We have Amount=P+S.I.=P+100PNR=Rs.23,400

=>P+100P×3×10=23,400

=>1.3P=Rs.23,400

=>P=Rs.18,000

And on interest being compounded for 2 years, at R=10 %

 Amount=P(1+100R)

N=18,000×(1+10010)2

=18,000×1.12

=Rs.21,780

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