Question

5. Calculate the compound amount when P4000 is deposited in an account earning 6% interest, compounded monthly, for 2 years

Answer 1

Step-by-step explanation:

Amount = p(1+r/100)t

= 4000(1+6/100)²

= 4000 × 53/50 × 53/50

= 22472/5

= Rs. 4494.4

C.I = Amount - principal

= Rs. 4494.4 - 4000

= Rs. 494.4 Ans.

Answer 2

Calculate the compound amount when P4000 is deposited in an account earning 6% interest, compounded monthly, for 2 years

4508.64