Question

The simple interest on a sum of money for 2 years at 45 per annum is ₹340. Find:

a. the sum of money

b. the compound interest on this sum payable half yearly at the same rate.​

Answer 1

Step-by-step explanation:

T=2years,R=4%,S.I.=340

S.I.=

100

P×R×T

340=

100

P×2×4

34000=8P⇒4250=P

A=P(1+

100

R

)

2

A=4250(1+

100

4

)

2

A=4250×

100

104

×

100

104

A=4596.8