Question 9: Simple interest on a sum of money after 32 months at 24 9 % rate of interest is Rs.7040. What is the compound interest upon 28 3 more sum at 20% rate of interest after 2 years?
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Answer:
Step-by-step explanation:we have given in the question
CI for 2 years = 1331.20
SI for 2 years = 1280
difference = 1331.20 - 1280 = 51.20
Here (51.20) is the simple interest on
1280/2 = 640 for one year
as per formula
Rate = (SI×100)/(P×t)
Substituting the values
=(51.20×100)/(640×1)
Multiplying and dividing by 100
=(5120×100)/(100×640)
= 8% p.a.
hence the SI for two more years at the rate of 8% p.a.
Sum =(SI×100)/(r×t)
putting the values
=(1280×100)/(8×2)
= 8000
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