ICSE Class 9 Answered
A sum of rupees 16000 invested at simple interest amounts to ropees 22400 in 4 years at a certain rate of interest. If the same sum of money is invested for 2 years at the same rate of interest compounded per annum find the compound interest earned.
Asked by jesh2310 | 27 Feb, 2016, 09:14: AM
Expert Answer
Given,
P = Rs.16000
A = Rs.22400
SI = A - P = Rs.(22400 - 16000) = Rs.6400
T = 4 years
SI = 
6400 = 
6400 = 640R
6400 ÷ 640 = R
R = 10%
calculating compound interest
A = 
A = 
A = 
A = Rs.19360
CI = A - P
CI = Rs.(19360 - 16000)
CI = Rs.3360
Hence, the compound interest earned is Rs.3360
Answered by Keravi Thanani | 29 Feb, 2016, 11:13: AM
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