Abhay lent certain sum to his friend for 2 years at 4% per annul compounded annually. He received Rs. 3380 as the amount after 2 years .Find the sum he lent . Also find the compounded interest he earned.
Answers
Answer:
Given:-
Rate% = 4%
Time = 2 years compounded annually
Amount = ₹3380
To Find:-
Money that Abhay lent from his friend ( Principal ).
Compound Interest Abhay have to give to his friend.
Solution:-
Here, Amount is given
⇒ A = P [1 + \dfrac{r}{100}]^{t}P[1+
100
r
]
t
⇒ ₹3380 = P [1 + \dfrac{4}{100}]^{2}P[1+
100
4
]
2
⇒ ₹3380 = P[\dfrac{25 + 1}{25}]^{2}P[
25
25+1
]
2
⇒ ₹3380 = P[\dfrac{26}{25}]^{2}P[
25
26
]
2
⇒ ₹3380 = \dfrac{625}{676}P
676
625
P
⇒ P = ₹\dfrac{3380 \times 625}{676}
676
3380×625
⇒ P = ₹3125
Hence, Principal = ₹3,125
And, C.I = Amount - Principal
⇒ ₹3,380 - ₹3,125
⇒ ₹255
∴ Compound Interest is ₹255
Some Important Terms:-
C.I = Amount - Principal
Amount = P[ 1 + \dfrac{r}{100}]^{t}P[1+
100
r
]
t
compounded yearly
Principal = \dfrac{A}{(1 + \dfrac{r}{100})^{t}}
(1+
100
r
)
t
A
Amount = P[1 + \dfrac{r}{200}]^{2t}P[1+
200
r
]
2t
Compounded half-yearly
Amount = P[1 + \dfrac{r}{400}]^{4t}P[1+
400
r
]
4t
Compounded Quarterly
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