Question

is compounded annually.
11. 30,000 is invested for some period at 8% p.a. to earn 2400 as the simple interest. If the
same sum is invested for the same period at the same rate of interest compounded
half-yearly, find the compound interest.​

Answer 1

Answer:

Let the sum be $ 100. Then,

SI = $ (100 × 6 × 2/100) = $ 12

and compound interest = $ {100 × (1 + 6/100)² - 100}

= $ {(100 × 53/50 × 53/50) - 100} = $ (2809/25 - 100) = $ 309/25

Therefore, (CI) - (SI) = $ (309/25 – 100) = $ 9/25

If the difference between the CI and SI is $ 9/25, then the sum = $ 100.

If the difference between the CI and SI is $ 18, then the sum = $ (100 × 25/9 × 18 )

= $ 5000.

Hence, the required sum is $ 5000.

Step-by-step explanation:

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