Question

Simple interest on a certain sum of money for 2 years at 12% per annum is ₹1920. What will be the compound interest on that sum at the same rate and for the same period ????

Answer 1

Soln:-

S.I.=P×R×T/100
Rs1920=P×12×2/100
Rs1920×100=24P
Rs192000/24=P
P=Rs8000
Now,
C.I=P(1+r/100)^t -P
=8000(1+12/100)^2 -8000
=8000(112/100)^2 -8000
=8000(12544/10000) -8000
=8000×12544/10000 -8000
=10035.2 -8000
=Rs2035.2

Answer 2

Answer:

S.I.=P×R×T/100

Rs1920=P×12×2/100

Rs1920×100=24P

Rs192000/24=P

P=Rs8000

Now,

C.I=P(1+r/100)^t -P

=8000(1+12/100)^2 -8000

=8000(112/100)^2 -8000

=8000(12544/10000) -8000

=8000×12544/10000 -8000

=10035.2 -8000

=Rs2035.2