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The simple interest accrued on a sum of certain principal is Rs. 6500/- in eight years at the rate of 13 p.c.p.a. What would be the compound interest accrued on that principal at the rate of 8 p.c.p.a. in 2 years?
- a)Rs. 1040/-
- b)Rs. 1020/-
- c)Rs. 1060/-
- d)Rs. 1200/-
- e)None of these
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
The simple interest accrued on a sum of certain principal is Rs. 6500/...
The corect option is A by using compound formulae the amount comes to be 1040.
Most Upvoted Answer
The simple interest accrued on a sum of certain principal is Rs. 6500/...
Given:
Simple interest = Rs. 6500/-
Time = 8 years
Rate of interest = 13 p.c.p.a.
To find:
Compound interest at the rate of 8 p.c.p.a. in 2 years.
Formula used:
Simple interest = (P×R×T)/100
Compound interest = P[(1 + R/100)ᵗ - 1]
Calculation:
Let P be the principal amount.
Simple interest = (P×R×T)/100
⇒ 6500 = (P×13×8)/100
⇒ P = (6500×100)/(13×8) = Rs. 62500/-
Compound interest = P[(1 + R/100)ᵗ - 1]
⇒ Compound interest = 62500[(1 + 8/100)² - 1]
⇒ Compound interest = 62500[(1.08)² - 1]
⇒ Compound interest = 62500[0.1664]
⇒ Compound interest = Rs. 1040/-
Therefore, the compound interest accrued on the principal at the rate of 8 p.c.p.a. in 2 years is Rs. 1040/-.
Hence, the correct answer is option (A).
Simple interest = Rs. 6500/-
Time = 8 years
Rate of interest = 13 p.c.p.a.
To find:
Compound interest at the rate of 8 p.c.p.a. in 2 years.
Formula used:
Simple interest = (P×R×T)/100
Compound interest = P[(1 + R/100)ᵗ - 1]
Calculation:
Let P be the principal amount.
Simple interest = (P×R×T)/100
⇒ 6500 = (P×13×8)/100
⇒ P = (6500×100)/(13×8) = Rs. 62500/-
Compound interest = P[(1 + R/100)ᵗ - 1]
⇒ Compound interest = 62500[(1 + 8/100)² - 1]
⇒ Compound interest = 62500[(1.08)² - 1]
⇒ Compound interest = 62500[0.1664]
⇒ Compound interest = Rs. 1040/-
Therefore, the compound interest accrued on the principal at the rate of 8 p.c.p.a. in 2 years is Rs. 1040/-.
Hence, the correct answer is option (A).
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The simple interest accrued on a sum of certain principal is Rs. 6500/...
Correct answer is option (a)
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The simple interest accrued on a sum of certain principal is Rs. 6500/- in eight years at the rate of 13 p.c.p.a. What would be the compound interest accrued on that principal at the rate of 8 p.c.p.a. in 2 years?a)Rs. 1040/-b)Rs. 1020/-c)Rs. 1060/-d)Rs. 1200/-e)None of theseCorrect answer is option 'A'. Can you explain this answer?
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