Question

The simple interest on a sum of money for 2 years at 8% is 6800. What will be the compound interest on the same sum, for same time at the same rate?​

Answer 1

Answer:

CI = 7072

Step-by-step explanation:

first calculator the principal then find CI

Answer 2

Given:-

• $\sf{SI = Rs. 6800}$
• $\sf{T = 2 \:years}$
• $\sf{R = 8\%}$

To find:-

• CI interest of the sum of money at the same rate same time.

Solution:-

$\sf{Firstly \:we\: need\: to\: find\: the \:sum\: of \:money\: (i.e.\:Principal)}$

We know,

$\sf{P = \dfrac{SI \times 100}{R \times T}}$

= $\sf{P = \dfrac{6800 \times 100}{8\times2}}$

= $\sf{P = Rs.42500}$

$\sf{\therefore Principal = Rs.42500}$

Now,

We have,

$\sf{P = Rs.42500}$

$\sf{R = 8\%}$

$\sf{T = 2\:years}$

$\sf{A = P\bigg(1 + \dfrac{r}{100}\bigg)^t}$

= $\sf{A = 42500\bigg(1 + \dfrac{8}{100}\bigg)^2}$

= $\sf{A = 42500 \bigg(\dfrac{108}{100}\bigg)^2}$

= $\sf{A = 42500 \times \dfrac{108}{100}\times\dfrac{108}{100}}$

= $\sf{A = Rs.49572}$

=$\sf{CI = A - P}$

= $\sf{CI =Rs. (49572 - 42500)}$

= $\sf{CI = Rs.7072}$

$\sf{\therefore CI = Rs.7072}$

From the solution:-

• P = Principal
• R = Rate
• T = Time
• A = Amount
• CI = Compound Interest
• SI = Simple Interest