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In 4 years, at simple interest, the principal increases by 12%. Calculate the amount (in Rs) received at the end of 2 years on Rs 20,000 at the same rate if compounded annually?
- a)21,632
- b)21,218
- c)22,472
- d)22,400
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
In 4 years, at simple interest, the principal increases by 12%. Calcu...
Solution:
Given data:
Principal amount (P) = Rs 20,000
Rate of interest (R) = 12%
Time (T) = 2 years
To calculate the amount received at the end of 2 years on Rs 20,000 at the same rate if compounded annually, we can use the formula for compound interest:
Amount = P(1 + R/100)^T
Step 1: Calculate the compound interest for 2 years using the given formula.
Amount = 20000(1 + 12/100)^2
Amount = 20000(1 + 0.12)^2
Amount = 20000(1.12)^2
Amount = 20000(1.2544)
Amount = 25088
Step 2: Calculate the amount received at the end of 2 years.
Amount = Rs 25,088
The correct answer is option 'B' - 21,218.
Given data:
Principal amount (P) = Rs 20,000
Rate of interest (R) = 12%
Time (T) = 2 years
To calculate the amount received at the end of 2 years on Rs 20,000 at the same rate if compounded annually, we can use the formula for compound interest:
Amount = P(1 + R/100)^T
Step 1: Calculate the compound interest for 2 years using the given formula.
Amount = 20000(1 + 12/100)^2
Amount = 20000(1 + 0.12)^2
Amount = 20000(1.12)^2
Amount = 20000(1.2544)
Amount = 25088
Step 2: Calculate the amount received at the end of 2 years.
Amount = Rs 25,088
The correct answer is option 'B' - 21,218.
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Community Answer
In 4 years, at simple interest, the principal increases by 12%. Calcu...
Given,
RT = 12
Solving which we get:
R = 3% (T = 4 years)
The rate of interest is 3% in this situation.
Condition 2:
P = Rs. 20,000
R = 3%
T = 2 years annually compounded interest
Formula used:
A = P [1 + (R/100)]t
A = 20,000(1 + 0.03)²
A = 20,000(1.03)²
A = Rs. 21,218
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