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.
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Answer:
amount= Rs 10648
C.i.= Rs 2648
Step-by-step explanation:
si=p*r*t/100
1600=p*2*10/100
160000=20p
p=160000/20
p=Rs 8000
interest on 1st year =pr/100
=80000/100
=Rs 800
principal for 2nd year=8000+800=Rs 8800
interest for 2nd year=pr/100
= 88000/100
= Rs 880
principal for 3rd year= 8800+880=9680 Rs
interest on 3rd year=pr/100
=96800/100
= Rs 968
final amount = 9680+968 = Rs 10648 Answer
C.I.= amount - principal
= 10648-8000
= Rs 2648
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