Question
Download Solution PDFOn a sum, simple interest at the annual rate of 12 percent for 6 years is Rs. 28800. What will be the compound interest on the same sum at the annual rate of 20 percent (compounding annually) for 2 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Simple interest on a sum at 12% for 6 years = Rs. 28800
The annual rate for compound interest is = 20%
Time for compound interest = 2 years
Concept used:
Compound interest is calculated on the simple interest and interest on the sum.
Formula used:
Where, SI = Simple interest, CI = Compound interest, P = Principle, R = Rate, and T = Time
Calculate:
Let the sum be X.
According to the question
⇒
⇒ 28800 × 100 = 72X
⇒ X = 400 × 100 = 40000
The compound interest.
∴ The compound interest is 17600.
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