3) At what rate per cent will ₹ 16000 amount to
₹ 20000 in two years?
4) In what time will a sum of money double itself at
10 % per annum?
5) Rohit deposited some money in a saving
account. He got ₹ 12000 as simple interest after
5 years. If the interest is calculated at the rate of
6 % per annum, what was the amount that he
deposited?
Answers
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Following is the formula for calculating compound interest when time period is specified in years and interest rate in % per annum.
A = P(1+r/n)nt
CI = A-P
Where,
CI = Compounded interest
A = Final amount
P = Principal
t = Time period in years
n = Number of compounding periods per year
r = Interest rate
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