Question

The simple interest on a certain sum of money for 2 years at 10% per annum is 1600.
Find the amount due and the compound interest on this sum of money at the same
rate after 3 years, interest being reckoned annually.

Plz answer me fast..............​

Answer 1

$\textbf{Given:}$

$\text{Simple interest for 2 years is 1600}$

$\textbf{To find:}$

$\text{Compound interest on given sum of money}$

$\textbf{Solution:}$

$\text{Let the given sum of money be P}$

$\textbf{Simple interest formula:}$

$\textbf{Simple interest= \bf\dfrac{P\,n\,r}{100} }$

$\implies\,1600=\dfrac{P(2)(10)}{100}$

$\implies\,1600=\dfrac{P}{5}$

$\implies\boxed{\bf\,P=\text{Rs.}8000}$

$\text{By using compund interest formula}$

$\textbf{Amount= \bf\,P(1+\frac{r}{100})^n }$

$\text{Amount= 8000(1+\frac{10}{100})^3 }$

$\text{Amount= 8000(1+\frac{1}{10})^3 }$

$\text{Amount= 8000(\frac{11}{10})^3 }$

$\text{Amount= 8000(\frac{1331}{1000}) }$

$\text{Amount= 8{\times}1331 }$

$\implies\boxed{\textbf{Amount=Rs.10648}}$

$\textbf{Compound interest=Amount-Principal}$

$\text{Compound interest=10648-8000}$

$\implies\boxed{\textbf{Compound interest=Rs.2648}}$

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