Question

The s.i on a sum of money for 4years at 6% p.a. is rs.1200. find the amount and the c.i on the same sum of money at 8% p.a. compounded annually after 3 years

Please try to answer correctly.

Answer 1

Answer:

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Answer 2

Question : The Simple Interest on a sum of money for 4years at 6% p.a. is rs.1200. find the amount and the c.i on the same sum of money at 8% p.a. compounded annually after 3 years.

Solution :

Simple interest = 1200

Time = 4 years

Rate = 6 %

Principal = ( S. I × 100) ÷ rate × time

(1200 × 100) ÷ 4 × 6

= ₹ 5000

Now, principal = 5000

Rate = 8 %

Time = 3 years

Amount = p × ( 1 + r/100) ^n

Amount = 5000 × ( 1 + 8/100) ^3

Amount = 5000 × (108/100) ^ 3

Amount = 5000 × $\huge{\mathrm{ \frac{108}{100} }}$ × $\huge{\mathrm{ \frac{108}{100} }}$ × $\huge{\mathrm{ \frac{108}{100} }}$

= ₹ 6298.56

Amount = ₹ 6298.56

Compound interest = Amount - Principal

C. I = 6298.56 - 5000

C. I = ₹ 1298.56

Here,

( ^ ) means raise to the power

R = rate

T = time

P = principal

n = time