The simple interest on Rs.10000 at a certain rate of interest in five years is Rs.7200.
The simple interest on Rs.10000 at a certain rate of interest in five years is Rs.7200. Find the compound interest on the same amount for two years at the same rate of interest.
Answer/Solution
3087.36
Steps/Work
R = 100 I / PT
=> R = (100 * 7200)/ (10000 * 5) = 14.4%
CI = P{ [1 + R /100]n - 1}
= 10000 { [ 1 + 14.4 / 100]^2 - 1} = Rs.3087.36
Answer:D
=> R = (100 * 7200)/ (10000 * 5) = 14.4%
CI = P{ [1 + R /100]n - 1}
= 10000 { [ 1 + 14.4 / 100]^2 - 1} = Rs.3087.36
Answer:D