the simple interest on a sum of money for 2 years at 8% per annum is rupees 2400 what will be the compound interest on that sum at the same rate and for the same period when compounded half yearly
Answers
Answer:
Given:
Simple interest =₹ 2400
Interest rate =8% per annum
Time =2 years
We know that simple interest (SI)=PTR/100
where P is principle amount, T is time taken, R is rate per annum
So,
2400=(P×2×8)/100
On rearranging we get,
P=2400×25 = ₹\ 15000$$
Hence, the sum is ₹ 15000.
To find the amount we have the formula,
Amount (A)=P(1+(r/100))
n
where P is present value, r is rate of interest, n is time in years.
Now substituting the values in above formula we get,
∴A=15000(1+8/100)
2
⇒A=15000(108/100)
2
⇒A=600(27/25)
2
⇒A=24(27)(27)
⇒A=₹ 17496
And Compound interest =A–P
=17496–15000=₹ 2496
Step-by-step explanation:
Given:
Simple interest =₹ 2400
Interest rate =8% per annum
Time =2 years
We know that simple interest (SI)=PTR/100
where P is principle amount, T is time taken, R is rate per annum
So,
2400=(P×2×8)/100
On rearranging we get,
P=2400×25 = ₹\ 15000$$
Hence, the sum is ₹ 15000.
To find the amount we have the formula,
Amount (A)=P(1+(r/100))
n
where P is present value, r is rate of interest, n is time in years.
Now substituting the values in above formula we get,
∴A=15000(1+8/100)
2
⇒A=15000(108/100)
2
⇒A=600(27/25)
2
⇒A=24(27)(27)
⇒A=₹ 17496
And Compound interest =A–P
=17496–15000=₹ 2496