Question

if the simple interest on a sum of money at 4% per annum for 6 years is rupees 2400 find the compound interest on the same sum for the same period at the same rate​

Answer 1

I=Rs.2,400

I=PRT/100

2400=P*4*6/100

P=Rs.10,000

Compound Interest Formula:A=P(1+R/100)^T

=10,000(1+4/100)^6

=Rs.12,653

*=Used as multiplication symbol

I=Simple Interest

P=Principle Investment

A=Amount

R=Rate

T=Time/annum

Let me know if the answer is wrong

Answer 2

The compound interest is Rs 2653.19

Step-by-step explanation:

We are given the following in the question:

Rate,r = 4%

Time, t = 6 years

Simple interest = Rs 2400

Let P be the amount of principal.

Simple interest Formula:

$\text{Simple interest} = \dfrac{P\times r\times t}{100}$

$2400 = \dfrac{P\times 4\times 6}{100}\\\\P = \dfrac{2400\times 100}{4\times 6} = 10,000~Rs$

Compound Interest formula:

$A = p\bigg(1+\dfrac{r}{n}\bigg)^{nt}$

where A is the amount, p is the principal, r is the interest rate, t is the time in years and n is the nature of compound interest.

$A = 10000\bigg(1+\dfrac{0.04}{1}\bigg)^{6}\\\\A = 12653.19~Rs\\\text{Compound Interest} = A - P =2653.19~Rs$

The compound interest is Rs 2653.19

#LearnMore

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