Question

the simple interest on a certain sum of money for for two year at 7% per annum is rupees 2800 find the compound interest on the sum for the same time at the same rate ​

Answer 1

Answer:

Rs 2898

Step-by-step explanation:

s.i = p × r × t/100

2800 = p × 7 × 2/ 100

14p = 280000 => p = 20000

C.I = p [(1 + r/100)^t - 1]

= 20000[ ( 1 + 7/100)^2 - 1]

= 20000 × 0.1449 = Rs 2898

2nd method,

equivalent rate for 2 yrs

= 7 + 7 + (7×7/100) = 14.49%

C.I = 14.49% of 20000 = Rs 2898

Answer 2

Answer:

The compound interest would be 22898

Step-by-step explanation:

As we have given in the question that rate=7% and time =2 years

And the interest is = 2800 for the 2 years, This all data has been given for simple interest, Now we will found the principal for it

As we know that the interest is 1400 per annum, And now we need to think That of much rupees 1400 is 7%

It is simple it is for 20000 Rs, We must choose hit and trial method to find this. Now as we get our principal we need to find the C.I.

For 1st year it must be the same as 1400, Therefore the total after 1st year would be = $20000+1400=21400$

Now we must calculate 7% on 21400

It would be

$21400\times\dfrac{7}{100}$ = $1498$

Therefore the final answer would be

$21400+1498 = 22898$