Abhay borrowed тВ╣16000 at 7.5% per annum simple interest on the same day he lent it to Gurmeet at the same rate but compounded annually what does he gains at the end of two years
Answers
Answered by
37
See here the question is divided into two parts
1st - we will calculate the interest which he has to pay after two
S.I =P×R×T/100
= 16000×7.5×2/100
=2400.
and now we will calculate the interest which he will receive from Gurmeet.
A=P(1+i/m)^nm
=16000(1+0.075)^2
=18490
S.I from Gurmeet= A-P
=18490-16000
=2490.
So
after calculating the two values.
2490-2400=90
90 is the gain he earned after two years.
1st - we will calculate the interest which he has to pay after two
S.I =P×R×T/100
= 16000×7.5×2/100
=2400.
and now we will calculate the interest which he will receive from Gurmeet.
A=P(1+i/m)^nm
=16000(1+0.075)^2
=18490
S.I from Gurmeet= A-P
=18490-16000
=2490.
So
after calculating the two values.
2490-2400=90
90 is the gain he earned after two years.
Abhishek08:
If you find this answer as best. Please Mark it as *Best*
Answered by
27
Present value = ₹ 16000
Interest rate = 7 ½ % per annum = 15/2 %
Time =2 years
Now find compound interest,
To find the amount we have the formula,
Amount (A) = P (1+(R/100))^n
Where P is present value, r is rate of interest, n is time in years.
Now substituting the values in above formula we get,
∴ A = 16000 (1 + (15/2)/100)²
⇒ A = 16000 (1+3/40)²
⇒ A =16000 (43/40)²
⇒ A = 16000 (1894/1600)
⇒ A = ₹ 18490
∴ Compound interest = A – P
= 18490 – 16000 = ₹ 2490
Now find the simple interest,
Simple interest (SI) = PTR/100
Where P is principle amount, T is time taken, R is rate per annum
SI = (16000 × (15/2) × 2) / 100
= 160 × 15
= ₹ 2400
Abhay gains at the end of 2 year= (CI – SI)
= 2490 – 2400
= ₹ 90
hope it helps
follow me ❤
Similar questions
Science,
8 months ago
Social Sciences,
8 months ago
English,
1 year ago
Math,
1 year ago
English,
1 year ago