The simple interest on a certain sum of money for 3years at 10% is Rs.2400. find the amount due and the compound interest on this sum of money at the same rate after 3 years, interest is compounded annually.

Asked by krishnalilokhande40.9spicertl | 4th Jul, 2020, 12:30: PM

Expert Answer:

Here, I = Rs. 2400, R = 10% and time (T) = 3 years

P = (I x 100)/RT = (2400 x 100)/(10x3) = Rs. 8000
 
To find C.I.
 
straight A equals straight P open parentheses 1 plus straight r over 100 close parentheses to the power of straight n equals 8000 open parentheses 1 plus 10 over 100 close parentheses cubed equals 8000 open parentheses 11 over 10 close parentheses cubed equals 8000 cross times 1331 over 1000 equals 8 cross times 1331 space equals space Rs. space 10648
straight C. straight I. space equals space straight A minus straight P space equals space 10648 minus 8000 space equals space Rs. space 2648

Answered by Renu Varma | 6th Jul, 2020, 12:25: PM