Question

1. Calculate the compound interest on 6000 at 10% per annum for two years.​

Answer 1

Answer:

Given

Rate of interest = 10% per annum

Principal for the first year = Rs 6000

Interest for the first year = Rs (6000 × 10 × 1) / 100

= Rs 600

Amount at the end of first year = Rs 6000 + Rs 600

= Rs 6600

Principal for the second year = Rs 6600

Interest for the second year = Rs (6600 × 10 × 1) / 100

= Rs 660

Amount for the second year = Rs 6600 + Rs 660

= Rs 7260

Therefore, compound interest for 2 years = final amount – (original) Principal

= Rs 7260 – Rs 6000

We get,

= Rs 1260

Step-by-step explanation:

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Answer 2

★Given:-

• Principal = ₹6000
• Rate = 10% per annum
• Time = 2 years

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★To Find:-

• Compound Interest

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★Formula Used:-

▪︎$\tt{Amount = Principal× {(1+ \frac{Rate}{100})}^{time}}$

$\tt{▪︎Compound\ Interest = Amount- Principal}$

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★Solution:-

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➥ Finding Amount

$\tt{Amount = Principal×{(1+ \frac{Rate}{100})}^{time}}$

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Putting given values in formula:-

$\tt{Amount = 6000 × {(1+ \frac{1\not0}{10\not{0}})}^{2}}$

$\tt{= 6000 × {(1 + \frac{1}{10})}^{2}}$

$\tt{= 6000 × {(1+0.1)}^{2}}$

$\tt{= 6000 × {1.1}^{2}}$

$\tt{=6000 × 1.21}$

$\tt{= ₹7260}$

$\boxed{\bf{\purple{\therefore Amount = ₹7260}}}$

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➥ Finding Compound Interest

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$\tt{Compound\ Interest = Amount- Principal}$

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Putting given value in formula:-

$\tt{Compound\ Interest = 7260 - 6000}$

$\tt{Compound\ Interest = ₹1260}$

$\boxed{\bf{\purple{\therefore Compound\ Interest= ₹1260}}}$

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★Answer:-

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• Compound Interest on the principal 600 at the rate of 10% in 2 years is ₹1260.

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