At a certain sum of money with the interest rate of 7% for 3 years the

1.	At a certain sum of money with the interest rate of 7% for 3 years the simple interest is Rs. 7455. Find the compound interest of 2 years at the same sum when the rate of interest is 4%.1. Rs. 2869.92. Rs. 2896.83. Rs. 3896.84. Rs. 4869.8
Answer» Correct Answer - Option 2 : Rs. 2896.8 Given: Rate = 7% For simple interest time = 3 years Simple interest = Rs. 7,455 For compound interest time = 2 years Rate of interest for compound interest = 4% Concept used: C.I. = P {(1 + R/100 )T – 1} S.I. = (P × R × T)/100 Where, C.I → Compound interest S.I. → Simple interest P → Principal T → Time R → Rate% Calculations: S.I. = (P × R × T)/100 ⇒ 7455 = (P × 7 × 3)/100 ⇒ P = 745500/21 ⇒ P = 35500 C.I. = 35500 × {(1 + 4/100)² – 1} ⇒ 35500 × [{(26/25) × (26/25)} – 1] ⇒ 35500 × (676 – 625)/625 ⇒ 35500 × 51/625 ⇒ 2896.8 ∴ The compound interest is Rs. 2896.8

At a certain sum of money with the interest rate of 7% for 3 years the simple interest is Rs. 7455. Find the compound interest of 2 years at the same sum when the rate of interest is 4%.1. Rs. 2869.92. Rs. 2896.83. Rs. 3896.84. Rs. 4869.8

Answer» Correct Answer - Option 2 : Rs. 2896.8

Given:

Rate = 7%

For simple interest time = 3 years

Simple interest = Rs. 7,455

For compound interest time = 2 years

Rate of interest for compound interest = 4%

Concept used:

C.I. = P {(1 + R/100 )T – 1}

S.I. = (P × R × T)/100

Where,

C.I → Compound interest

S.I. → Simple interest

P → Principal

T → Time

R → Rate%

Calculations:

S.I. = (P × R × T)/100

⇒ 7455 = (P × 7 × 3)/100

⇒ P = 745500/21

⇒ P = 35500

C.I. = 35500 × {(1 + 4/100)² – 1}

⇒ 35500 × [{(26/25) × (26/25)} – 1]

⇒ 35500 × (676 – 625)/625

⇒ 35500 × 51/625

⇒ 2896.8

∴ The compound interest is Rs. 2896.8

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