By using the formula, find the amount and compound interest on:

The simple interest on a sum of money for 2 years at $8 %$ per annum is Rs 2400. What will be the compound interest on that sum at the same rate and for the same period ?

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Solution

$Simple interest (S.I) = Rs. 2400 Rate (R) = 8 % p . a . Period (T) = 2 years ∴ Sum (P) = \frac{S . I . \times 100}{R \times T} \frac{2400 \times 100}{8 \times 2} = R s . 15000 ∴ Amount on a compound interest, = P {(1 + \frac{R}{100})}^{4} = 15000 {(1 + \frac{8}{100})}^{2} = R s . 15000 \times {(\frac{27}{25})}^{2} = R s . 15000 \times \frac{27}{25} \times \frac{27}{25} = R s . 17496 ∴ C.I. - A- P = Rs. 17496 - 15000 = R s . 2496$

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By using the formula, find the amount and compound interest on: The simple interest on a sum of money for 2 years at 8% per annum is Rs 2400. What will be the compound interest on that sum at the same rate and for the same period ?

Simple interest (S.I) = Rs. 2400Rate (R)= 8% p.a.Period (T) = 2 years∴ Sum (P)=S.I.×100R×T2400×1008×2=Rs. 15000∴ Amount on a compound interest,= P (1+R100)4=15000(1+8100)2=Rs. 15000×(2725)2=Rs. 15000×2725×2725=Rs. 17496∴ C.I. - A- P = Rs. 17496 - 15000=Rs. 2496

By using the formula, find the amount and compound interest on:

The simple interest on a sum of money for 2 years at $8 %$ per annum is Rs 2400. What will be the compound interest on that sum at the same rate and for the same period ?