ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Find the time when:Principal = Rs 5000, amount = Rs 6450 and rate = 12% p.a.
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2 yrs 6 mths
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2 yrs 3 mths
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2 yrs 5 mths
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1 yrs 6 mths
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Explanation:
Detailed explanation-1: -T=2years. 416667*12. Therefore, time =2years 5months.
Detailed explanation-2: -⇒T=P×RSI×100=5000×121450×100=2. 417 years.
Detailed explanation-3: -Here, we will find simple interest (SI) using the formula PRN100 where, P is principal amount i.e. Rs. 5000, R is rate of interest i.e. 5% and N is time period i.e. 2 years. Thus, simple interest is Rs. 500.
Detailed explanation-4: -Therefore, the simple interest is Rs. 600.
Detailed explanation-5: -Rs 6050. Q. The amount on Rs 5000 for 2 years at 10% per annum is: Q.
There is 1 question to complete.