Q)The simple interest on a certain sum of money for 2 years at 6% per annum is Rs.300. Find the compound interest at the same rate and for the same time
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ANSWER
It is given that
Period = 2 years
Rate = 10% p.a.
We know that
Sum = (SI×100)/(r×n)
Substituting the values
= (1600×100)/(10×2)
= 8000
Here
Amount after 3 years =P(1+r/100)n
Substituting the values
=8000(1+10/100)3
By further calculation
=8000×11/10×11/10×11/10
=10648
So the compound interest = A -P
Substituting the values
= 10648−8000
= 2648
Answered by
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SI= PTR/100
300=P×2×6/100
P=2500
A=P(1+R/100)^t
A=2500(1+6/100)^2
A=2809
CI=A-P
=2809-2500
=309
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