Simple Interest on a certain sum of money at 9 % is rupees 450 in 2 years. Find the compound interest, on the same sum, at the same rate for 1 year, if the Interest is reckoned half yearly
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simple interest for 1 year = 450/2 =225
let x be the principal
9x/100=225
x=2500
2500*(9/100)= 225
capital for the second half year =2725
2725*(9/100)= 245.25
so compounded interest for 1 year = 225 + 245.25 = 470.25 ( only when the interest is not per annum )
let x be the principal
9x/100=225
x=2500
2500*(9/100)= 225
capital for the second half year =2725
2725*(9/100)= 245.25
so compounded interest for 1 year = 225 + 245.25 = 470.25 ( only when the interest is not per annum )
ritikass:
answer is wrong correct answer is 227.25
please do it correctly
it should be specified as 9% per annum...then it would be .... 112.5 for first year ... and second year is 117.56 so total would be 230.06
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