Question

the SI on a certain sum of money for 2 years at 14% per annum is 2100 find the compound interest on the sum

Answer 1

Answer:

The compound interest on the sum is Rs.2247.

Step-by-step explanation:

Given : The SI on a certain sum of money for 2 years at 14% per annum is 2100.

To find : The compound interest on the sum ?

Solution :

Let the principle be = P

Time = 2 years

Rate = 14%=0.14

Simple interest = Rs.2100

The formula of simple interest is

$SI=P\times R\times T$

$2100=P\times 0.14\times 2$

$P=\frac{2100}{0.14\times 2}$

$P=7500$

The principle value is Rs.7500.

Now, Applying compound interest formula,

$A=P(1+r)^t$

$A=7500(1+0.14)^2$

$A=7500(1.14)^2$

$A=7500\times 1.2996$

$A=9747$

We know,

Amount = Principle + Interest

Rs.9747=Rs.7500+Interest

Interest =Rs.9747-Rs.7500

Interest =Rs.2247

Therefore, the compound interest on the sum is Rs.2247.

Answer 2

Answer:

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