Question

The simple interest on a certain sum for 7/2 years at 10% per annum is 2,940. What will be the compound interest on the same sum for 5/2 years at the same rate when interest is compounded yearly (nearest to a rupee)?​

Answer 1

Answer:

Step-by-step explanation:

Answer 2

Compound interest would be rs 10660.

Step-by-step explanation:

Simple interest formula is,

$S.I.=\frac{P\times r\times t}{100}$

Compound formula is,

$C.I.=P(1+\frac{r}{100})^t$

Where,

P=principal amount,

r=rate per period,

t=number of periods.

Here, S.I. = 2,940, t = 7/2 years, r=10%,

Substitute these values in the above formula,

$2940=\frac{P\times 10\times \frac{7}{2}}{100}$

$294000=P\times 5\times 7$

$294000=35P$

$\implies P =\frac{294000}{35}=8400$

Thus, compound interest is,

$C.I.=8400(1+\frac{10}{100})^\frac{5}{2}$

$=8400(1+0.1)^\frac{5}{2}$

$=8400(1.1)^\frac{5}{2}$

$=10660$

#Learn more:

The simple interest on a sum of money for 2 years at 10% per annum is rupees 1700 find first the sum of money second the compound interest on this sum for first year payable half yearly at the same rate

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