Question
The simple interest on a sum of Rs 10,000 for 2 years at
10% per annum is Rs 2,000. Find the compound interest on the same sum at the same rate and time, compounded annually.Solution
Principal P = 10,000, R = 10% p.a., T = 2 years. Amount A = P(1 + R/100)² = 10,000 × (1 + 10/100)² = 10,000 × (11/10)² = 10,000 × 121/100 = 12,100 Compound Interest CI = A − P = 12,100 − 10,000 = 2,100 Answer: Compound Interest = Rs 2,100.
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