Manohar borrowed rs 10000 from his friend 2 years ago if his friends take 8% per annum compound interest then find the interest on the principal
Answers
according to first statement :
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principal = Rs 20000 , rate = 12% ,
time = 2 yrs, since we know that ,
S.I = p × r × t / 100
=20000 × 12 × 2 / 100 = Rs 4800
Amount harish has return to his friend at simple interest
A1 = 20000 + 4800 = Rs 24800
according to second statement:
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he lent it to amit at the same rate of interest and time but compounded annually.
p = 20000, t = 2 yrs , r = 12 %
Find the Amount :
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amount = p [ 1 + ( r/100) ]^t
=20000 [ 1 + ( 12 / 100 ) ]^2
=20000 ( 112/ 100 )^2
=20000× (112/ 100 ) × ( 112/100 )
=25088
A2 = 25088
Find the gain :
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gain = A2 - A1 = 25088 - 24,800
gain = Rs 288
therefore ,
his gain after 2 years = Rs 288
Answer : gain = Rs 288
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