The compound interest on a sum of money for two years is 459 and the corresponding simple interest is 450. What is the amount under simple interest on the same amount at the same rate of interest at the end of two years?
Answers
Answer:
ANSWER
Simple Interest, S.I. = Rs. 1260 =
100
PR×2
=
50
PR
-(i)
Compound Interest, C.I. = Amount(A) - Principle(P)
=P(1+
100
R
)
2
- P = PR(R/10000+1/50)=Rs.1323 -(ii)
Dividing (ii) by (I),
200
R
+1 =
1260
1323
⇒Rate,R=10%p.a.
Now,
100
PRT
=1260
⇒
100
P×10×2
=1260
⇒ Principal or Sum , P = Rs.6,300
Answer:
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.
Step-by-step explanation:
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