the simple interest on a certain sum of money at 7/2% per annum for 47/21 year is Rs.658 the sum is
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Question:-
the simple interest on a certain sum of money at 7/2% per annum for 47/21 year is Rs.658 the sum is
Answer:-
Let the Principal be 100, Rate is 5.5%, Period =2 yrs . Therefore interest is 100×5.5×2/100= Rs.11/-. ( Rs.5.50 per year)
When SI is Rs.5.50 Principal is 100
When SI is Rs.3300/-(6600÷2)
Principal is:
3300 × 100 ÷ 5.50 = Rs.60000/-
For Compound Interest:
First Year Interest is the same as Simple Interest in annual compounding. Here it is 3300/- (1)
For the 2nd year you earn the same first year’s interest + the first year’s interest alsoearns interest .
=> 3300 (1) + 3300 + 181.50 (3300 × 5.5%)
Compound Interest = Rs. 6,781.50
hope it helps you☺
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