Question

1) Yogesh invested Rs.60,000 in a nationalized bank for 2 years at the rate
9 p. c.p.a. at compound interest. Calculate the amount and compound
interest at the end of 2 years.​

Answer 1

Step-by-step explanation:

Given that:

Yogesh invested ₹ 60,000 in a bank a the rate of 9% p.c.p.a.

To Find:

Amount and Compound Interest at the end of 2 years.

Solution:

We know that:

$\sf{Amount = Principal \bigg(1+\dfrac{Rate}{100}\bigg)^{Time}}$

Where,

Principal = ₹ 60000

Rate = 9%

Time = 2 years

Substituting the values,

$\sf{Amount = 60000 \bigg(1+\dfrac{9}{100}\bigg)^{2}}$

Adding 1 and $\frac{9}{100}$,

$\sf{\longrightarrow 60000 \bigg(\dfrac{100+9}{100}\bigg)^{2}}$

$\sf{\longrightarrow 60000 \bigg(\dfrac{109}{100}\bigg)^{2}}$

Opening the brackets,

$\sf{\longrightarrow 60000 \times\dfrac{109}{100}\times\dfrac{109}{100}}$

Cutting off the zeros,

$\sf{\longrightarrow 6\!\!\!\not{0}\!\!\!\not{0}\!\!\!\not{0}\!\!\!\not{0} \times\dfrac{109}{1\!\!\!\not{0}\!\!\!\not{0}}\times\dfrac{109}{1\!\!\!\not{0}\!\!\!\not{0}}}$

$\sf{\longrightarrow 6 \times109\times109}$

Multiplying the numbers

⟶71286

Hence, amount at the end of 2 years is ₹ 71286.

Now,

As we know that:

CI = Amount - Principal

Therefore,

Substituting the values,

CI = ₹(71286 - 60000)

Subtracting 60000 from 71286,

= 11286

Hence, CI at the end of 2 years is ₹ 11286.