Simple interest on a sum of money for 5 years at 8% per Anjum is ₹22,000. What will be the compound interest on that sum at the same rate for 3 years

Let the sum , P = Rs xRate, R = 8% p.a.Time, T = 5 yrsSI = Rs 22000PRT100 = 22000x×8×5100 =  22000x = 55000So, P = Rs 55000Now, P = Rs 55000; Rate, R = 8% p.a.; Time, n = 3 yrsAmount, A = P1+R100n = 550001 + 81003=55000 × 1081003=Rs 69284.160CI = A - P = 69284.160 - 550000 = Rs 14284.160

  • 0
What are you looking for?