Question

Find the compound interest and the total amount for the following:

(2)Principal =Rs. 6,250
Rate = 12% yearly
Time=2 years
(3)Principal =Rs. 16,000
Rate = 5% yearly
Time = 3 years
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Answer 1

Answer:

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Step-by-step explanation:

Given details are,

Rate = 5 % per annum

Compound Interest (CI) = Rs 164

Time (t) = 2 years

By using the formula,

Let P be ‘x’

CI = A – P

164 = P (1 + R/100) n – P

= P [(1 + R/100)n – 1]

= x [(1 + 5/100)2 – 1]

= x [(105/100)2 – 1]

164 = x ((1.05)2 – 1)

x = 164 / ((1.05)2 – 1)

= 164/0.1025

= Rs 1600

∴ The required sum is Rs 1600