Question
Download Solution PDFThere is 20% increase in an amount in 4 years at simple interest. What will be the compound interest on Rs. 44500 after 2 years at the same rate of interest.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal(P) = Rs. 44500
Time(T) = 2yrs.
Rate of interest (R) = \(\dfrac{20}{4} = 5\%\).
Formula used:
C.I. = \(P\times\bigg(1+ \dfrac{R}{100} \bigg)^2 -P\)
Where C.I. = Compound interest.
Calculation:
C.I = \(44500\times\bigg(1+ \dfrac{5}{100} \bigg)^2 - 44500\) = \(44500\times\dfrac{21}{20}\times\dfrac{21}{20}- 44500 = 4561.25\)
∴ The answer is "4561.25".
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