Question

The simple interest at 5% got for a certain amount after 2 years is 200 rupees. If interest is compounded annually, what would be the interest for same amount at the same rate after 2 years.

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Answer 1

Solution:-

Simple interest =

$investment \times rate \frac{n}{100}$

(n)= number of years

SI=

$200 \times 5 \times \frac{2}{100}$

= 20

Amount after 2 years = 200+ 20

= 220

For calculating Interest=

$balance \times \frac{rate}{100}$

First year's balance= 200 Rs.

First year's Interest = 200×5/100

=200

Now, balance after the first year= First Year’s balance +First Year’s Interest

= 200+10

= 210Rs

Second Year’s Balance= 210Rs

Second year interest= 210×5/100

= 10.5Rs

Balance after the second year = Second Year’s Balance + Second Year’s Interest

= 210+10.5

= 220.5Rs

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Answer 2

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