if the simple interest on a sum of money for 2 years at 10% per annum is it 3750 then what will be the compound interest on the same sum at the same rate of interest for the same period compounded annually
Answers
Step-by-step explanation:
The simple interest and compound interest (compounded annually) on a certain sum of money with a given rate for a period of 2 years are Rs.900 and Rs. 954 respectively. The sum of money is:
A) Rs. 3700
B) Rs. 3650
C) Rs. 3850
D) Rs. 3750
Correct Answer:
D) Rs. 3750
Description for Correct answer:
SI for 2 years = Rs. 900
SI for 1 year =90029002 = Rs.450
CI for 2 years = Rs.954
Difference between CI for SI =(954−900)(954−900)=Rs. 54
Required Rate % =54450×100=1254450×100=12
Required sum=45012×10045012×100
= Rs. 3750
Answer:
S.I=Rs.340,Time=2 years,R=4%
(i)Let the sum of money be rs.x
S.I=
100
PRT
⇒340=
100
x×4×2
⇒x=
4×2
340×100
=Rs.4250
(ii)C.I for Rs. 4250 for one year payable half-yearly
∴ T=1 year=2 half year,Rate=
2
4
=2%
A=P(1+
100
R
)
T
⇒4250(1+
100
2
)
2
⇒4250(
100
102
)
2
⇒4250×
50
51
×
50
51
=4421.70
C.I=A−P
⇒4421.70−4250=Rs.171.70
Answer:
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