A person receives a simple interest of ₹ 1,00 | vedclass

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Question

(D) Step $1$: Calculate the original principal $(P)$.Simple Interest $(SI)$ = $\frac{P 	imes R 	imes T}{100}$$1000 = \frac{P 	imes 5 	imes 4}{100}

Vedclass · Accepted Answer

$1025$

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(D) Step $1$: Calculate the original principal $(P)$.Simple Interest $(SI)$ = $\frac{P 	imes R 	imes T}{100}$$1000 = \frac{P 	imes 5 	imes 4}{100}$$1000 = \frac{20P}{100} \implies 1000 = \frac{P}{5}$$P = ₹ 5000$.Step $2$: Calculate the new principal and compound interest.New Principal $(P')$ = $2 	imes P = 2 	imes 5000 = ₹ 10000$.Rate $(R)$ = $5 \%$,Time $(T)$ = $2$ years.Compound Interest $(CI)$ = $P' 	imes [(1 + \frac{R}{100})^T - 1]$$CI = 10000 	imes [(1 + \frac{5}{100})^2 - 1]$$CI = 10000 	imes [(1.05)^2 - 1]$$CI = 10000 	imes [1.1025 - 1]$$CI = 10000 	imes 0.1025 = ₹ 1025$.

$A$ person receives a simple interest of ₹ $1,000$ on a certain principal at the rate of $5 \%$ $p.a.$ in $4$ years. What compound interest (in ₹) will that person receive on twice the principal in $2$ years at the same rate?

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