Question

The simple interest on a sum of money for two years at the rate of 8% per annum is Rs.1600. What is the sum of money?


[ Pls answer fast I have an exam tomorrow ]

Answer 1

Answer:

Given that simple interest = 1600 when n = 2 and r = 10%

i.e. 1600 = P(2)(10)/100

P = 8000 rupees.

Now this 8000 rupees is invested at compound rate for 3 years at 10%

Here it is compounded annually and hence formula would be

P(1+r/100)^3

Hence amount received at the end of 3 years

= 8000(1+\frac{10}{100})^3  =106488000(1+10010)3 =10648

COmpound interest = 648 and

final amount received = 10648 rupees

Here Is your Answer And Stay Safe

Answer 2

Here's your answer !!! Mark me as branlist