Question

The simple interest on a certain sum of money for two years at 5-1/2 % is 6,600.
What will be the compound interest on that sum at the same rate for the same
time period ?​

Answer 1

Answer:

6781.50

Step-by-step explanation:

simple interest = P×R×T

simple interest = P×R×T 100

simple interest = P×R×T 100compound interest = P [ ( 1+ R )^T -1 ]

100

simple interest= ₹6600

P×5.5×2 =6600

100

P ×11 = 6600×100

P = 6600×100

11

P= ₹60000/-

now it's time to find compound interest

compound interest= 60000 [(1+.055) ² -1 ]

= 60000[ 1.113025 - 1]

= 60000[ 0.113025]

= ₹6781.50