If Rs1875 amounts to Rs 2028 in 2 years at compound interest at a certain rate, then how much will Rs875 amount to in 2 years at the same rate?
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Answers
Answer:
Principal for the first year = Rs 1875
Rate of interest = 4% p.a.
Interest for the first year = Rs (1875 × 4 × 1) / 100
= 75
Amount at the end of first year = Rs 1875 + Rs 75
= Rs 1950
Principal for the second year = Rs 1950
Interest for the second year = Rs (1950 × 4 × 1) / 100
= 78
Amount at the end of second year = Rs 1950 + Rs 78
= Rs 2028
Hence,
Compound interest paid by Salma = Final amount – (original) Principal
= Rs 2028 – Rs 1875
= Rs 153
Explanation:
Principal for the first year = Rs 1875
Rate of interest = 4% p.a.
Interest for the first year = Rs (1875 × 4 × 1) / 100
= 75
Amount at the end of first year = Rs 1875 + Rs 75
= Rs 1950
Principal for the second year = Rs 1950
Interest for the second year = Rs (1950 × 4 × 1) / 100
= 78
Amount at the end of second year = Rs 1950 + Rs 78
= Rs 2028
Hence,
Compound interest paid by Salma = Final amount – (original) Principal
= Rs 2028 – Rs 1875
= Rs 153