The simple interest on a sum of money for 3 years at 8% per annum is ₹ 2400. What will be the compound interest on that sum at the rate and for the same period?
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
Answer:
T=3 years
R=8%
P= we dont know
SI=Rs.2400
But SI is = PRT/100
2400 =P*3*8/100
2400=24P/100
2400*100/24=P
100*100=P
10,000=P
Thus now we have Principal
hence
CI=A-P
=P[1+R/100]^N[T] - P
=10000[1+8/100]^3 - 10,000
=10000*108/100*108/100*108/100 - 10000
=108*108*108/100 - 10000
=12597.12-10000
=2597.12