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Question

The simple interest on a sum of money for $$2$$ years at $$4\%$$ per annum is $$Rs\;340$$. Find 
(i) the sum of money 
(ii) the compound interest on this sum for one year payable half yearly at the same rate.


Solution

$$T = 2\,\,years,\,\,R = 4\% ,\,\,S.I. = 340$$
$$S.I. = \frac{{P \times R \times T}}{{100}}$$
$$340 = \frac{{P \times 2 \times 4}}{{100}}$$
$$34000 = 8P \Rightarrow 4250 = P$$
$$A = P{\left( {1 + \frac{R}{{100}}} \right)^2}$$
$$A = 4250{\left( {1 + \frac{4}{{100}}} \right)^2}$$
$$A = 4250 \times \frac{{104}}{{100}} \times \frac{{104}}{{100}}$$
$$A = 4596.8$$

Mathematics

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