Question

if rs 36000 yeilds a simple interest of rs 5760 for 2yrs. find compound interest for the same amount at the same rate for the same period.​

Answer 1

Step-by-step explanation:

P,= 36000

SI= 5760

Time = 2 years.

$r = \frac{si \times 100}{p \times t}$

$r = \frac{5760 \times 100}{36000 \times 2}$

$r = 8\% \: p.a.$

.

$ci = p{( \frac{100 + r}{100})}^{n} - 1$

$ci = 36000{( \frac{100 + 8}{100} )} ^{2} - 1$

$ci = 36000{( \frac{108}{100})}^{2} - 1$

$ci = 36000 \times ( \frac{11664}{10000} - 1)$

$ci = 36000 \times ( \frac{11664 - 10000}{10000} )$

$ci = 36000 \times \frac{1664}{10000}$

$ci = 5990.4$