Question

The simple intrest of a sum of Rs 4800 for 2 years is Rs 768 what will be the compound intrest on the same sum at the same rate and for the same period

Answer 1

$\textbf{Given:}$

$\text{Principal, P=Rs.4800}$

$\text{Number of years, n=2}$

$\text{Interest=Rs.768}$

$\textbf{To find: Compound interest}$

$\text{By using simple interest formula}$

$\boxed{\textbf{Simple interest= \bf\frac{Pnr}{100} }}$

$\implies\,\frac{Pnr}{100}=768$

$\implies\,\frac{4800{\times}2{\times}r}{100}=768$

$\implies\,48{\times}2{\times}r=768$

$\implies\,2{\times}r=16$

$\implies\boxed{\bf\,r=8}$

$\text{By using compund interest formula}$

$\textbf{Comound interest= \bf\,P(1+\frac{r}{100})^n-P }$

$=4800(1+\frac{8}{100})^2-4800$

$=4800(1+\frac{2}{25})^2-4800$

$=4800(\frac{27}{25})^2-4800$

$=48{\times}100(\frac{27}{25})(\frac{27}{25})-4800$

$=192(\frac{729}{25})-4800$

$=192(29.16)-4800$

$=5598.72-4800$

$=\text{Rs.}\;798.72$

$\therefore\textbf{The compound interest is Rs. 798.72}$

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