Answered

Westonci.ca offers fast, accurate answers to your questions. Join our community and get the insights you need now. Our platform provides a seamless experience for finding precise answers from a network of experienced professionals. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

The simple interest on a certain sum of money for 2 years at 5% per annum is Rs 320. What will be the compound interest on the same sum for the same time at the same rate, the interest being calculated yearly? D 1800 cimple interest in 10 years. Find the The simple interest on a certain sum of money for 2 years at 5 % per annum is Rs 320. What will be the compound interest on the same sum for the same time at the same rate , the interest being calculated yearly ? D 1800 cimple interest in 10 years . Find the​

Sagot :

semsee45

Answer:

Rs 328

Step-by-step explanation:

Find the principal amount invested.

Simple Interest Formula

I = Prt

where:

  • I = interest earned
  • P = principal
  • r = interest rate (in decimal form)
  • t = time (in years)

Given:

  • I = Rs 320
  • r = 5% = 0.05
  • t = 2 years

Substitute the given values into the formula and solve for P:

⇒ 320 = P(0.05)(2)

⇒ 320 = P(0.1)

⇒ P = 3200

Compound Interest Formula

[tex]\large \text{$ \sf I=P\left(1+\frac{r}{n}\right)^{nt} -P$}[/tex]

where:

  • I = interest earned
  • P = principal amount
  • r = interest rate (in decimal form)
  • n = number of times interest applied per time period
  • t = number of time periods elapsed

Given:

  • P = 3200
  • r = 5% = 0.05
  • n = 1 (annually)
  • t = 2 years

Substitute the given values into the formula and solve for I:

[tex]\implies \sf I=3200\left(1+\frac{0.05}{1}\right)^{2} -3200[/tex]

[tex]\implies \sf I=3200\left(1.05\right)^{2} -3200[/tex]

[tex]\implies \sf I=3200\left(1.1025\right) -3200[/tex]

[tex]\implies \sf I=3528-3200[/tex]

[tex]\implies \sf I=328[/tex]

Therefore, the compound interest on the same sum for the same time at the same rate is Rs 328.

Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.