simple interest on a sum of money for 2 years at 4% is rupees 450 find the compound interest on the same sum and the same rate for 2 years
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Answered by
0
Answer:
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Step-by-step explanation:
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Answered by
6
Answer:
459
Step-by-step explanation:
The formula for SI = Pnr/100
Given SI = Rs. 450, n = 2 and r = 4%, we have
450 = 2*4*P/100
Or P = 450*100/(2*4) = 5625.
CI for the same interest rate for 2 years, compounded can be given by the formula
A = P(1+r/100)^n.
A = 5625*(1+4/100)^2
A = 5625*(104/100)^2
A = 5625*(1.04)^2
A = 5625*1.0816
A = 6084.
Therefore, the compound interest is
C.I. = A - P
= 6084-5625 = 459.
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