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A sum of rupees 3200 is compounded annually at the rate of 10 paisa per rupee per annum. Find the compound interest payable after 2 years.
- a)200
- b)842
- c)672
- d)832
- e)None of these
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
A sum of rupees 3200 is compounded annually at the rate of 10 paisa pe...
Rate of interest is 10 paisa per rupee per annum. So for 100 rupees it is 1000 paise i.e. 10 percent
Now, CI = 3200(1+10/100)2 – 3200 = 672
Now, CI = 3200(1+10/100)2 – 3200 = 672
Most Upvoted Answer
A sum of rupees 3200 is compounded annually at the rate of 10 paisa pe...
Rate of interest is 10 paisa per rupee per annum. So for 100 rupees it is 1000 paise i.e. 10 percent
Now, CI = 3200(1+10/100)2 – 3200 = 672
Now, CI = 3200(1+10/100)2 – 3200 = 672
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Community Answer
A sum of rupees 3200 is compounded annually at the rate of 10 paisa pe...
Given:
Principal amount (P) = Rs. 3200
Rate of interest (R) = 10 paisa per rupee per annum = 10/100 = 0.1
Time (T) = 2 years
Formula for compound interest:
Compound Interest (CI) = P(1 + R)^T - P
Calculation:
Substituting the given values in the formula, we get:
CI = Rs. 3200(1 + 0.1)^2 - Rs. 3200
Simplifying the equation, we have:
CI = Rs. 3200(1.1)^2 - Rs. 3200
CI = Rs. 3200(1.21) - Rs. 3200
CI = Rs. 3872 - Rs. 3200
CI = Rs. 672
Therefore, the compound interest payable after 2 years is Rs. 672.
Principal amount (P) = Rs. 3200
Rate of interest (R) = 10 paisa per rupee per annum = 10/100 = 0.1
Time (T) = 2 years
Formula for compound interest:
Compound Interest (CI) = P(1 + R)^T - P
Calculation:
Substituting the given values in the formula, we get:
CI = Rs. 3200(1 + 0.1)^2 - Rs. 3200
Simplifying the equation, we have:
CI = Rs. 3200(1.1)^2 - Rs. 3200
CI = Rs. 3200(1.21) - Rs. 3200
CI = Rs. 3872 - Rs. 3200
CI = Rs. 672
Therefore, the compound interest payable after 2 years is Rs. 672.
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