ML Aggarwal Solutions Class 9 Mathematics Solutions for Compound Interest Exercise 2.2 in Chapter 2 - Compound Interest
Question 7 Compound Interest Exercise 2.2
Find the difference between the simple interest and compound interest on 2 years at 4% per annum,
compound interest being reckoned semi-annually.
Answer:
It is given that
Principal [P] = ₹ 2500
Rate of interest [r] = 4% p.a. or 2% half-yearly
Period [n] = 2 years or 4 half-years
We know that
SI = Prt/100
Substituting the values
= [2500 × 4 × 2]/100
= ₹ 200
If compounded semi-annually
\begin{aligned} &\mathrm{A}=\mathrm{P}[1+\mathrm{r} / 100]^{\mathrm{n}}\\ &\text { Substituting the values }\\ &=2500[1+2 / 100]^{4} \end{aligned}
By further calculation
= 2500 × 51/50 × 51/50 × 51/50 × 51/50
= ₹ 2706.08
We know that
CI = A – P
Substituting the values
= 2706.08 – 2500
= ₹ 206.08
So the difference between CI and SI = 206.08 – 200 = ₹ 6.08
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Updated On: 27-06-2022
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Text Solution
Answer : 3025, 525
Solution : N//A
Answer
Step by step solution by experts to help you in doubt clearance & scoring excellent marks in exams.
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