the compound interest on a certain sum at 5% p.a. for 2 yrs is 2870. find the sum.

Question

the compound interest on a certain sum at 5% p.a. for 2 yrs is 2870. find the sum.

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Madeline 1 month 2021-10-22T00:03:45+00:00 1 Answer 0 views 0

Answers ( )

    0
    2021-10-22T00:05:43+00:00

    Step-by-step explanation:

    Given, rate r=5%, n=2 years, compound interest = Rs. 1100

    Compound interest = Amount− Principal

    Therefore, 1100=P(1+

    100

    5

    )

    2

    −P

    ⇒1100=P(1.05)

    2

    −P

    ⇒1100=1.1025P−P

    ⇒P=

    0.05

    1100

    ⇒P= Rs. 22000

    Simple interest =

    100

    PRT

    =

    100

    22000×5×2

    Simple interest = Rs. 2200

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