Question

The simple interest on a sum of money for 2 vears at 6 per annum is Rs. 900. What
will be the compound interest on that sum at the same rate and for the same period?
Hint
6%​

Answer 1

Answer:

1248

Step-by-step explanation:

Let principal = x

Time = 2 years

Rate = 6%

Simple interest = 900 rupees

Formula for simple interest = ( PTR ) ÷ 100

=> 900 = (PTR/100)

=> 900 = (P * 2 * 6)/100

=> 900 * 100 = 12P

=> 90000 = 12P

=> P = 7500.

Thus, Principal = 7500.

We have to solve Amount.

A = Principal * ( 1 + ( r/100 ) ) ^ n

=> 7500 * ( 1 + ( 6 ÷ 100 ) ) ²

=> 7500 * ( 1 + ( 4 ÷ 50 ) ) ²

=> 7500 * (54/50) ²

=> 8748

Amount = Principle + interest

8748 = 7500 + Interest

Interest = 1248

Therefore, Compound interest = 1248

Answer 2

Step-by-step explanation:

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