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Simple interest on a sum of money for 2 years at 6 1⁄2 % per annum is Rs5200. What is the compound interest on that sum at the same rate for the same period.

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ujoy64

Answer:

Simple Interest = Rs 676

Compound Interest = Rs 697.97

Step-by-step explanation:

Simple Interest =

  • 5200 * 0.065 * 2. You do this because 5200 is the amount of money. The 0.065 is the interest (6 1/2 %). The 2 the the amount of years.
  • The answer you get is 676

Compound Interest =

  • 5200 * 1.065^2. You do 5200 because it is the amount of money. You do 1.065^2 because it is the interest multiplier (6 1/2 %). The ^2 is the years
  • The answer you get is 5897.97
  • do 5897.97 - 5200 = 697.97

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