Question

1) calculate the amount and compound interest on ₹30,000 compounded annually for 2 years at 8%per annum.


Please tell the answer in the steps only....​

Answer 1

Given :

• Principal (P) = Rs.30,000
• Rate (r) = 8%
• Time period (n) = 2 years

To Find :

• Amount (A)
• Compound Interest (CI)

Formula Applied :

$\underline{\boxed{\sf Amount =P \Big(1+\dfrac{r}{100}\Big)^2}}$

$\underline{\boxed{\sf Compound\: Interest=Amount-Principal}}$

Solution :

$\implies \sf Amount =P \Big(1+\dfrac{r}{100}\Big)^2$

$\implies \sf 30,000 \Big(1+\dfrac{8}{100}\Big)^2$

$\implies \sf 30,000 \Big(\dfrac{100+8}{100}\Big)^2$

$\implies \sf 30,000 \Big(\dfrac{108}{100}\Big)^2$

$\implies \sf 30,000 \times \Big(\dfrac{108}{100}\Big)\times \Big(\dfrac{108}{100}\Big)$

$\implies \sf {\cancel{30,000}}^{3}\times \Big(\dfrac{11,664}{{\cancel{10000}}_{1}}\Big)$

$\implies \sf 3 \times 11,664$

$\implies \sf Amount=34,992$

$\boxed{\sf Amount=Rs.34,992}$

$\implies \sf Compound \:Interest = Amount - Principal$

$\implies \sf 34,992 - 30,000$

$\implies \sf 4,992$

$\boxed{\sf Compound \:Interest = Rs.4,992}$

Required Answer :

• Amount is $\underline{\sf Rs.34,992}$
• Compound interest is $\underline{\sf Rs.4,992}$