Question
Download Solution PDFIf the simple interest on a sum of money for 5 years at 10% per annum is Rs. 900, what is the compound interest on the same at the same rate and for the 2 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Time = 5years
Rate of Interest = 10%
Simple Interest = 900
Formula:
SI = PRT/100
Amount = P(1 + R/100)n
CI = Amount – Sum
Here, P = Principal, R = Rate, CI = Compound interest, n and t = Time
Calculation:
Sum = (900 × 100)/5 × 10
⇒ 1800
Amount = 1800 × [1 + (10/100])2
⇒ 1800 × 11/10 × 11/10
⇒ 2178
CI = Amount – Sum
⇒ 2178 – 1800
⇒ Rs. 378
∴ The compound interest on the same sum is Rs. 378.
Amount = (900 × 100)/5 × 10 × 11/10 × 11/10 = 2178
Compound interest = 2178 - 1800 = Rs. 378
∴ The compound interest on the same sum is Rs. 378.
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