Question

The simple interest on a certain sum of money for 3 years at 5% p.a is rs.1200. Find the amount due and and the compound interest on this sum of money, interest is calculated annually.​

Answer 1

Answer:

SI= Rs. 1200

R = 5%

T= 3yrs

SI=P×R×T/100

=> 1200×100=P×5×3

=> 120000/15=P=Rs. 8000.

Amount due=SI+P=1200+8000=Rs. 9200.

A=P{1+R/100}^T

A=8000{(100+5)/100}^3

A=8000×105/100×105/100×105/100

A=8×105×105×105/1000=105×105×105/125=9261.

Therefore, CI=A-P=9261-8000= Rs. 1261.

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