Question

Compound interest on certain sum for 2.5 years at 10 per annum is 1623

Answer 1

Explanation:

Principal(P) = Rs 4000. ... Simple interest for last ½ year is = PRT/100 = (4840 × 10 × 1 / 2) / 100 = Rs.242. ... C.I = Rs 5082 - Rs 4000 = Rs1082.

Answer 2

Given:

Compound interest = 1,623

Number of year = 2.5 years

Interest rate = 10 year

Find:

Principal amount = ?

Computation of principal amount:

$Compound\ interest =Principal\ amount[(1+r)^n-1]\\\\1,623 =Principal\ amount[(1+0.01)^{2.5}-1]\\\\1,623 =Principal\ amount[(1.01)^{2.5}-1]\\\\1,623 =Principal\ amount[(1.26905871-1]\\\\1,623 =Principal\ amount[(0.26905871]\\\\Principal\ amount = 1,623 / 0.26905871\\\\Principal\ amount = 6,032.14072$

Principal amount = 6,032 (Approx)

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