Question

Alka borrowed a certain sum of money at simple interest for 6 years at 10% per annum and he pays 30000 as interest. Find the compound interest for the same amount at 8% per annum for 2 years? (a) 8320 (b) ₹7860 ( (c) 8040 (d) 8580 (e) None of these​

Answer 1

Answer:

We have,

SI=Rs.6000,P=?,T=2 years,R=10%

Part (i):

We know that:

SI=

100

P×R×T

6000=

100

P×10×2

6000=

5

P

P=Rs.30,000

Part (ii):

The amount at the end of the 3rd year at the same rate of interest compounded annually.

or, A=P(1+

100

R

)

T

or, A=30000(1+

100

10

)

3

or, A=30000(1+

10

1

)

3

or, A=30000(

10

11

)

3

or, A=Rs.39,930

Answer 2

Answer:

The correct answer is option a.

CI= 8320

Step-by-step explanation:

Given : SI= 30,000

            Rate= 10%

            Time = 6 years

$SI=\frac{PRT}{100} \\ 30,000 = \frac{P.6 .10}{100}\\\\P =\frac{30,00,000}{60} \\P = 50,000$

CI =$P [1+\frac{R}{100}]^{t} - P$

CI = 50,000 [1+$\frac{8}{100}$]² - 50,000

CI= 50,000 [$\frac{108}{100}$ ×  $\frac{108}{100}$]  - 50,000

CI = 5× 108× 108 - 50,000

CI= 58,320 - 50,000

CI= 8320