Question

the simple interest on a certain sum of money for 2 years at 9.2 % per annum is rupees 5400 what will be the compound interest on that sum at the same rate and same time period, if the interest is compounded annually

Answer 1

using compaund interest formula

Answer 2

SI= PRT÷100

5400= p×2×9÷200

5400= p9÷20

5400×20÷ 9 = 60000

CI=

$p(1 + \frac{9}{200} ) {}^{2} - 1$

60000 ( 43681-1÷40000)

60000× 3681÷ 40000

5521.5= CI