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

Rs.2260.093 will be the compound interest on the same sum for 5/2 years at the same rate when interest is compounded yearly

Step-by-step explanation:

Let the sum be x

Rate of interest = 10%

Time =$\frac{7}{2} years$

Simple interest = 2940

$Si = \frac{P \times T \times R}{100}$

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

$\frac{294000 \times 2}{7 \times 10}=x$

8400=x

Now we are supposed to find the compound interest on the same sum for 5/2 years at the same rate when interest is compounded yearly (nearest to a rupee)

Principal = 8400

$Time = \frac{5}{2} years$

Rate = 10% = 0.1

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

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

A=10660.093

Compound interest = Amount - Principal = 10660.093-8400=Rs.2260.093

Hence Rs.2260.093 will be the compound interest on the same sum for 5/2 years at the same rate when interest is compounded yearly

#Learn more:

The simple interst on a certain sum for 3 1/2 years at 10% per annum is rs 2940. what will be the compound interest in on the same sum for 2 1/2 years at the same rate when interest is compound yearly.?​

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