Question

In how much time will rupees 5000 amount to rupees 5600 with simple interest at the rate of 6% per annum with the same time period and rate find the compound interest on the same principal

Answer 1

SIMPLE INTEREST =PRINCIPAL*RATE*TIME/100

SIMPLE INTEREST=AMOUNT-PRINCIPAL

SIMPLE INTEREST=5600-5000=600

600=5000*6*T/100

600=30000*T/100

600=300*T

T=600/300

T=2YEARS

Answer 2

Answer:

Time = 2 years

Step-by-step explanation:

• principal amount = 5000
• rate = 6% per annum
• amount = 5600

simple interest = amount - principal

                        = 5600 - 5000 = 600

let time = t

Simple Interest = (P x r x t) / 100

600 = (5000 x 6 x t) / 100

t = 2 years

For compound interest = P(1+ R/100)^t

putting values in the formula,

CI = 5000(1+6/100)²

CI = 5618

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