The simple interest on a sum of money for 2 years at 12% per annum is RS:-1380. find:- i) the sum of money. ii) the compound interest on this sum for one year payable half-yearly at the same rate.
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1)sum of =11500.
2)compoubd 2152.8
2)compoubd 2152.8
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It is given that
Simple Interest (SI) = ₹ 1380
Rate of interest (R) = 12% p.a.
Period (T) = 2 years
(i) We know that
Sum (P) = (SI × 100)/ (R × T)
Substituting the values
= (1380 × 100)/ (12 × 2)
= ₹ 5750
(ii) Here
Principal (P) = ₹ 5750
Rate of interest (R) = 12% p.a. or 6% half-yearly
Period (n) = 1 year – 2 half years
So we get
Amount (A) = P (1 + R/100)n
Substituting the values
= 5750 (1 + 6/100)2
By further calculation
= 5750 × (53/50)2
So we get
= 5750 × 53/50 × 53/50
= ₹ 6460.70
Here
Compound Interest = A – P
Substituting the values
= 6460.70 – 5750
= ₹ 710.70
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