annum is Rs. 2,100. Find the corresponding compound interest.
(ii) The simple interest on a certain sum for 2 years at 14% pa
Answers
Answer:
Given
The SI on a certain sum of money for 2 years at 14% per annum is 2100.
To find
The compound interest
Using Simple Interest Formula
Let's take principal as "P"
SI = 2,100
T = 2 years
R = 14%
SI =
2100 = P × 14 × 2 / 100
2100 =
Using cross multiplication method
28p = 2,10,000
p = 2,10,000/ 28 = 7,500
Since we discovered the value of 'P" we can use compound Interest formula
Amount = P × ( 1+ ) ^n
A = 7500 × ( 1 + ) ^ 2
A = 9747
We Know that
C. I = Amount + Principal
C.I = 9747 + 7,500 = Rs.2247
Therefore, the compound interest on the sum is Rs.2247
Answer:
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