Question

the simple interest on a certain sum of money for 2 years at 5 and half percent is rupees 6600 what will be the compound interest on the sum at the same rate for the same time period?

Answer 1

Answer:

Interest for 1 year = 5.5%

Interest for 2 years = 5.5 x 2 = 11%

Principal Amount = Interest Amount / Interest Rate

= 6600 / 11%

= 60,000/-

Compound Interest for 2 years @ 5.5% = 11.3025%

Interest Amount = 60,000 x 11.3025%

= Rs. 6781.50

Step-by-step explanation: