Question

2. Find the amount and compound interest on 10,000 at 7% compound interest p.a. after
5 years.
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Answer 1

Answer:

Here, n = 5

i = 7% = 0.07

p = 10,000

C.I. = P { (1+i)^n - 1}

= 10,000 { (1+0.07)^5 -1}

= 10,000 { (1.07)^5 -1}

= 10,000 ( 1.4025517307 - 1 )

= 10,000 ( 0.4025517307 )

C.I.= ₹ 4,025.52

Now, Amount = P + C.I.

= 10,000 + 4,025.52

= ₹ 14,025.25

I hope this is helpful