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Find the Compound Interest If the Amount of a Certain Principal After Two Years is ₹4036.80 at the Rate of 16 P.C.P.A. - SSC (English Medium) Class 8 - Mathematics

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Question

Find the compound interest if the amount of a certain principal after two years is ₹4036.80 at the rate of 16 p.c.p.a.

Solution

Here, P = Principal
A = ₹ 4036.80
I = Compound Interest
R = 16 %
N = 2 years

A = P `(1 + "R"/100)^"N"`

   = 4036.80 = P `(1 + 16/100)^2`

    = 4036.80 = P `(1 + 4/25)^3`

    = 4036.80  = P `(29/25)^3`

    = P = `(4036.80 xx 25 xx 25)/(29 xx 29)`

    = P = 3000

Also,
I = A − P
  = 4036.80 − 3000
  = 1036.80

Hence, the compound interest is ₹ 1036.80

  Is there an error in this question or solution?

APPEARS IN

 Balbharati Solution for Balbharati Class 8 Mathematics (2019 to Current)
Chapter 14: Compound interest
Practice Set 14.2 | Q: 5 | Page no. 93
Solution Find the Compound Interest If the Amount of a Certain Principal After Two Years is ₹4036.80 at the Rate of 16 P.C.P.A. Concept: Application of Formula for Compound Interest.
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