Question

in what time will 10500 at 3% per annum (simple interest), produce the same interest 6000 does in 2 years at 10% compound interest​

Answer 1

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Answer 2

It will take 4 years 10500 at 3% per annum (simple interest), produce the same interest 6000 does in 2 years at 10% compound interest​

Step-by-step explanation:

Principal = 6000

Time = 2 years

Rate of interest = 10% = 0.1

$Amount =P(1+r)^t\\Amount = 6000(1+0.1)^2$

Amount =7260

Interest = Amount - Principal  = 7260 - 6000 =1260

So, Simple interest = 1260

Rate of interest = 3%

Principal = 10500

$Si = \frac{P \times T \times R}{100}\\1260 = \frac{10500 \times T \times 3}{100}\\\frac{1260 \times 100}{10500 \times 3}=T$

4 = T

Hence It will take 4 years 10500 at 3% per annum (simple interest), produce the same interest 6000 does in 2 years at 10% compound interest​

#Learn more:

Find the compound interest on 10500 at 8% per annum for 2 years

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