What sum of money put at simple interest for two years at 8% will amount to 1,276 ?
Answers
Answer:
$79.75
Step-by-step explanation:
Since this is simple interest, we will be using the formula I = PRt, which stands for Interest = Principal * Rate * time (in years).
First, we will substitute the information that we know. We know all the information except for principal, which is the amount of money that will be 'put into simple interest'.
Interest (I) is what will be given at the end, in this case, it will be 1,276. Rate (R) will be 8%, which is how the rate is commonly defined in these questions. Finally, time (t) will be 2 (make sure this is in years!)
Therefore, with this information, we will get the following algebraic equation:
1276 = P * 8 * 2
Now all we have to do is solve for P.
[ Divide both sides by 8 ]
159.5 = P * 2
[ Divide both sides by 2 ]
79.75 = P
P = $79.75 #
Answer:
₹ 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