The simple interest on a sum of money for 2 years at 10% p.a. is ₹ 1,700. Find:
(i) the sum of money,
(ii) the compound interest on this sum for 1 year, payable half yearly at the same rate.

Question

The simple interest on a sum of money for 2 years at 10% p.a. is ₹ 1,700. Find: (i) the sum of money, (ii) the compound interest on this sum for 1 year, payable half yearly at the same rate.

KnowledgeBoat · Accepted Answer

(i) Given, The simple interest on a sum of money for 2 years at 10% p.a. is ₹ 1700. I = ₹ 1,700 T = 2 year R = 10% Let sum of money be ₹ P. I = Substituting values we get : Hence, the sum of money = ₹ 8,500 (ii) Given, For first half year : P = ₹ 8,500 R = 10% Half yearly rate = = 5% T = 1 half year I = Amount = P + I = ₹ 8,500 + ₹ 425 = ₹ 8,925. For second half year : P = ₹ 8,925 Half yearly rate = 5% T = 1 half year I = Amount = P + I = ₹ 8,925 + ₹ 446.25 = ₹ 9,371.25 Compound interest = Final Amount - Initial Pincipal = ₹ 9,371.25 - ₹ 8,500 = ₹ 871.25 Hence, compound interest = ₹ 871.25

Mathematics

The simple interest on a sum of money for 2 years at 10% p.a. is ₹ 1,700. Find:
(i) the sum of money,
(ii) the compound interest on this sum for 1 year, payable half yearly at the same rate.

Compound Interest

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Mathematics

The simple interest on a sum of money for 2 years at 10% p.a. is ₹ 1,700. Find:(i) the sum of money,(ii) the compound interest on this sum for 1 year, payable half yearly at the same rate.

Compound Interest

Related Questions

Find the amount and the compound interest on ₹ 10,000 for 1 year at 12% per annum, compounded half-yearly.

Calculate the amount and the compound interest on ₹ 10,000 for 2 years at 8% p.a., compounded annually.

The simple interest on a sum of money for 2 years at 10% p.a. is ₹ 1,700. Find:
(i) the sum of money,
(ii) the compound interest on this sum for 1 year, payable half yearly at the same rate.