Question

Simple interest for 2 years on a certain sum of money, at the rate of 8% p.a is Rs 1,600.
Find the compound interest on the same sum of money at the same rate compounded
yearly for 2 years​

Answer 1

Step-by-step explanation:

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

Answer 2

Answer:

hi!

amount= principle(1+rate/100)^n

= 1600(1+8/100)^ 2

= 64*27*27/25

= 1866.24

Compound interest= amount- principle

= 1866.24-1600

=Rs. 266.24

hope it helps