Sabina borrowed Rs 8500 from a friend at 7% per annum . What amount should she return at the end of two years 8 months. I want the ans of this Question
Answers
Given : Sabina borrowed Rs 8500 from a friend at 7% per annum .
To Find : What amount should she return at the end of two years 8 months.
Solution:
Considering SI (simple interest)
P = 8500
R = 7 %
T = 2 years 8 months = 2 + 8/12 years
= 2 + 2/3 = 8/3 years
SI = P * R * T/100
SI = 8500 * 7 * (8/3)/100
= 1,586.67
Amount to be returned = 8500 + 1586.67
= 10086.67 Rs
Considering CI ( compound interest per annum)
A = P(1 + R/100)^T
Amount after 2 years
= 8500(1 + 7/100)²
= 9,731.65 Rs
interest in next 8 months = 9,731.65 * 7 * (2/3)/100
= 454.14 Rs
Amount to be returned = 9,731.65 + 454.14
= 10,185.79
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