ICSE Class 9 Answered
The simple interest on a sum of money for 2 years at 10% p.a. is 1700.Find:(a) the sum of money, (b) the compound interest on this sum for 1 year, payable half-yearly at the same rate.
Asked by devanshpanchal35.9sdatl | 05 Jun, 2020, 03:18: PM
Expert Answer
Here, S.I. = 1700, P = 2 years, R = 10% p.a.
Using simple interest formula, we have
S.I. = (PxNxR)/100
(a)
P = (S.I. x 100)/(N x R)
= (1700 x 100)/(2 x 10)
= 8500
Therefore, sum (P) = Rs. 8500
(b)
A=P(1+ r/2x100)2n
= 8500(1 + 10/200)2
= 8500(21/20)2
= Rs. 9371.25
Compound Interest (C.I.) = A - P = 9371.25 - 8500 = Rs. 871.25
Answered by Renu Varma | 06 Jun, 2020, 08:42: PM
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