Simple interest on a sum of money for 3 years at 25/4 % per annum is Rs 2400. What will be the compound interest on that sum at the same rate for the same period
Answers
Answer:
Principal=₹2400
Rate of interest= {24}^{4}%
Time=3 years
S.I={P×R×T}^{100}
S.I={2400×25×3}^{4×100}
= {180000}^{400}
= ₹450
Amount= S.I +Principal
= 450+2400
= ₹2850
Here is your answer...
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Answer:
answer is 2553.125
Step-by-step explanation:
First calculate P
it is given that,
R=6.25% per annum (I just converted the fraction into a decimal, it's easier for me)
T=3 years
P=?
SI = 2400
Pro Tip: Remember to take an example to understand the question or concept more clearly
So we know that,
SI = PRT/100
We have now,
2400 = P x 6.25 x 3/100
P = 2400/6.25 x 100/3
we get 12,800
Now calculate CI
A = P(1 + R/100) to the power of time
We get 12,800 (17/16) to the power three
calculate that and you get 15,353.125
Remember that this is the amount you are getting not the interest CI = A - P
=> 15,353.125 - 12,800 = 2553.125
Thats your answer
BTW seriously take a example it helps a lot even in higher classes (Especially in Algebra, Trigonometry and Calculus) Like here take the example that
If you put 10,000 in SI for 1 year at the rate 10 you get SI = 1000 now obviously this is the interest as you will get more from interest not less so You'll get 10,000 + 1000 = 11,000