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The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 years
- a)220
- b)200
- c)210
- d)120
- e)None of these
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
The simple interest on a certain sum of money for 4 years at 15 percen...
600 = p*4*(15/100), P = 1000
CI = 1000(1+10/100)2 – 1000 = 210
CI = 1000(1+10/100)2 – 1000 = 210
Most Upvoted Answer
The simple interest on a certain sum of money for 4 years at 15 percen...
Given information:
- Simple interest on a certain sum of money for 4 years at 15% per annum is 600.
To find:
- Compound interest in the same sum at 10% interest for 2 years.
Formula for simple interest:
- Simple Interest (SI) = (Principal × Rate × Time) / 100
Step-by-step solution:
1. Let's assume the principal amount as P.
2. Given that the simple interest on the principal amount for 4 years at 15% per annum is 600. Using the formula for simple interest, we can write the equation as:
600 = (P × 15 × 4) / 100
3. Simplifying the equation:
600 = (60P) / 100
60000 = 60P
P = 1000
4. We have found the principal amount, which is 1000.
5. Now, we need to find the compound interest for the same sum at 10% interest for 2 years.
Formula for compound interest:
- Compound Interest (CI) = P × (1 + r/n)^(n×t) - P
where P is the principal amount, r is the rate of interest, n is the number of compounding periods per year, and t is the time in years.
6. Plugging in the values:
CI = 1000 × (1 + 10/100)^2 - 1000
= 1000 × (1 + 0.1)^2 - 1000
= 1000 × (1.1)^2 - 1000
= 1000 × 1.21 - 1000
= 1210 - 1000
= 210
Therefore, the compound interest in the same sum at 10% interest for 2 years is 210, which corresponds to option C.
- Simple interest on a certain sum of money for 4 years at 15% per annum is 600.
To find:
- Compound interest in the same sum at 10% interest for 2 years.
Formula for simple interest:
- Simple Interest (SI) = (Principal × Rate × Time) / 100
Step-by-step solution:
1. Let's assume the principal amount as P.
2. Given that the simple interest on the principal amount for 4 years at 15% per annum is 600. Using the formula for simple interest, we can write the equation as:
600 = (P × 15 × 4) / 100
3. Simplifying the equation:
600 = (60P) / 100
60000 = 60P
P = 1000
4. We have found the principal amount, which is 1000.
5. Now, we need to find the compound interest for the same sum at 10% interest for 2 years.
Formula for compound interest:
- Compound Interest (CI) = P × (1 + r/n)^(n×t) - P
where P is the principal amount, r is the rate of interest, n is the number of compounding periods per year, and t is the time in years.
6. Plugging in the values:
CI = 1000 × (1 + 10/100)^2 - 1000
= 1000 × (1 + 0.1)^2 - 1000
= 1000 × (1.1)^2 - 1000
= 1000 × 1.21 - 1000
= 1210 - 1000
= 210
Therefore, the compound interest in the same sum at 10% interest for 2 years is 210, which corresponds to option C.
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Community Answer
The simple interest on a certain sum of money for 4 years at 15 percen...
600 = p*4*(15/100), P = 1000
CI = 1000(1+10/100)2 – 1000 = 210
CI = 1000(1+10/100)2 – 1000 = 210
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The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer?
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