simple interest on a certain sum of money for 2 years at 12% per annum is rupees 1920 what will be the compound interest on the same at the same rate and for the same period
Answers
Answer:
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Answer:-
➲ Given:-
- Simple Interest = 1920
- Rate of Interest = 12 %
- Time = 2 years
➲ To Find:-
- Compound Interest
➲ Formula Used:-
- Simple Interest = Principal × Rate × Time
- Amount = Principal × { 1 + {rate ÷ 100}}^{time}
- Compound Interest = Amount - Principal
➲ Solution:-
★ Finding principal
According to given conditions;
Simple Interest = 1920
➟ ( Principal × Rate × Time ) ÷ 100 = 1920
➟ ( Principal × 12 × 2 ) ÷ 100 = 1920
➟ Principal × 24 = 1920 × 100
➟ Principal = 192000 ÷ 24
∴ Principal = ₹8000
★ Finding Amont with compound interest
Amount = Principal × { 1 + {rate ÷ 100}}^{time}
= 8000 × { 1 + ( 12 ÷ 100)}²
= 8000 × (112 ÷ 100)²
= 8000 × (1.12)²
= 8000 × 1.2544
= 10,035.2
∴ Amount = ₹10,035.2
★ Finding Compound Interest
Compound Interest
= Amount - Principal
= 10,035.2 - 8000
= 2,035.2