Question

170/113/28 (1)
42. The compound interest on Rs. 24,000 compounded annually for 2 years at the
rate of 10% per annum is
(1) Rs. 5,000
(2) Rs. 5,020
(3) Rs. 5,040
(4) Rs. 5,060​

Answer 1

Answer:

• (3) Rs 5,040 is the required answer.

Step-by-step explanation:

Given that:

• The compound interest on Rs. 24,000 compounded annually for 2 years at the rate of 10% per annum.

To Find:

• Compound interest.

Formula used:

In compound interest.

• A = P(1 + R/100)ᵀ
• C.I. = A - P

Where,

• A = Amount
• P = Principal
• R = Rate of interest
• T = Time
• C.I. = Compound interest

We have:

• Principal = Rs 24,000
• Rate = 10% p.a.
• Time = 2 years

Finding the amount:

⟶ A = 24000(1 + 10/100)²

⟶ A = 24000(1 + 0.1)²

⟶ A = 24000(1.1)²

⟶ A = 24000 × 1.1 × 1.1

⟶ A = 29040

∴ Amount = Rs 29,040

Finding the compound interest:

⟶ C.I. = 29040 - 24000

⟶ C.I. = 5040

∴ Compound interest = Rs 5,040

Answer 2

Answer:

Given :-

• The compound interest on Rs 24000 compounded annually for 2 years at the rate of 10% per annum.

To Find :-

• What is the compound interest or C.I.

Formula Used :-

$\clubsuit$ Amount Formula :

$\longmapsto \sf\boxed{\bold{\pink{A =\: P\bigg(1 + \dfrac{r}{100}\bigg)^{n}}}}$

where,

• A = Amount
• P = Principal
• r = Rate of Interest
• n = Time

$\clubsuit$ Compound Interest or C.I Formula :

$\longmapsto \sf\boxed{\bold{\pink{C.I =\: Amount - Principal}}}$

where,

• C.I = Compound Interest

Solution :-

First, we have to find the amount :

Given :

• Principal = Rs 24000
• Rate of Interest = 10%
• Time = 2 years

According to the question by using the formula we get,

$\implies \sf A =\: 24000\bigg(1 + \dfrac{1\cancel{0}}{10\cancel{0}}\bigg)^{2}$

$\implies \sf A =\: 24000\bigg(1 + \dfrac{1}{10}\bigg)^{2}$

$\implies \sf A =\: 24000\bigg(\dfrac{10 + 1}{10}\bigg)^{2}$

$\implies \sf A =\: 24000\bigg(\dfrac{11}{10}\bigg)^{2}$

$\implies \sf A =\: 240\cancel{0}\cancel{0} \times \dfrac{11}{1\cancel{0}} \times \dfrac{11}{1\cancel{0}}$

$\implies \sf A =\: 240 \times 11 \times 11$

$\implies \sf\bold{\purple{A =\: Rs\: 29040}}$

Hence, the amount is Rs 29040 .

Now, we have to find the compound interest or C.I :

Given :

• Amount = Rs 29040
• Principal = Rs 24000

According to the question by using the formula we get,

$\implies \sf C.I =\: Rs(29040 - 24000)$

$\implies \sf C.I =\: Rs\: 29040 - Rs\: 24000$

$\implies \sf\bold{\red{C.I =\: Rs\: 5040}}$

$\therefore$ The compound interest or C.I is Rs 5040 .

Hence, the correct options is option no (3) Rs 5040 .