Question

1. What will be the compound interest on 7600 at the rate of 5% per annum for 2 years?​

Answer 1

Answer:

7600(1+5/100)2

7600*105/100*105/100

7600*21/20*21/20

8379 Answer

Answer 2

Solution:-

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◍ Here, the question has given us the principal, rate of interest and time that is Rs. 7,600, 5% per annum and for 2 years respectively. Now, the question has asked us to find the compound intrest of it. So to get the answer we need to apply the formula of Amount first and then subtracting Principal from the amount will be the Compound interest.

ANSWER:-

◈ The Compound interest on Rs 7,600 for 2 years at 5% per annum will be Rs. 779.

GIVEN:-

☆ Principal = Rs. 7,600

☆ Rate of Interest = 5% per annum

☆ Time = 2 years

TO FIND:-

↠Compound Interest = ?

FORMULA:-

⬤ Amount = P [1 + (R / 100)]^t

⬤ Compound Interest = Amount - Principal

SOLVING BY APPLYING THE FORMULA:-

⇨ Principal = Rs. 7,600

⇨ Rate = 5%

⇨ Time = 2 years

⇨ Amount = P [1 + (R / 100)]^t

➢ Amount = 7,600 [1 + (5 / 100)]²

➢ Take LCM

➢ Amount = 7,600 (100 + 5 / 100)²

➢ Amount = 7,600 (105 / 100)²

➢ Amount = 7,600 (11,025 / 10,000)

➢ Amount = 7,600 × 11,025 / 10,000

➢ Cancel out the zeros

➢ Amount = 76 × 11,025 / 100

➢ Amount = 8,37,900 ÷ 100

➢ Amount = 8,37,900 ÷ 100 = 8,379

➢ Amount = Rs. 8,379

Amount is Rs. 8,379.

⇨ Compound Interest = Amount - Principal

➢ Compound Interest = 8,379 - 7,600

➢ Compound Interest = 8,379 - 7,600 = 779

➢ Compound Interest = Rs. 779

Compound interest after 2 years will be Rs. 779.

Hence, we got the answer. The interest compounded after 2 years will be Rs. 779.

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