Salma borrowed from Mahila Samita a sum of rupees 1875 to purchase a sewing machine.If the rate of interest is 4percent per annum,what is the compound interest that she has to pay after 2 years ?(write full statement please)
Answers
158
Step-by-step explanation:
Principal = 1875
Rate = 4% p.a.
Time = 2 years
Amount = P(1 R/100)^T
= 1875 (1 + 4/100)^2
= 1875 (1 + 1/25) × (1 + 1/25)
X
= 1875 x 26/25 × 26/25
= 75 x 26/25 × 26
= 3 x 26 x 26
= 2028
Therefore, the sun of 1875 will amount to 2028 in 2 years at 4% p.a. The compound interest will be A - P
= 2028 - 1875
= 153
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The total amount that Salma needs to pay is Rs.2028
Given:
Salma borrowed a sum of Rs.1875
The rate of interest = 4% per annum
The Time period given = 2 years
To find:
The amount that Salma needs pay after 2 years
Solution:
As we know the formula for total amount in Compound interest is given by
Amount = P(1+R/100)^t
From given data,
The principal amount P = Rs. 1875
Rate of interest R = 4% per annum
Time period T = 2 years
=> Total amount = 1875(1+4/100)^2
= 1875(104/100)^2
= 1875(1.04)^2
= 1875(1.0816)
= 2028
Therefore,
Therefore, The total amount that Salma needs to pay is Rs.2028
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