Question

6.
Find the compound interest on * 15,000 @ 6% p.a. compound interest for 7 years.
[Ans. * 7,550​

Answer 1

Answer:

c. I = p ×( (100 + R) /100)^t

15000 ×( 106/100)^7

= 15000×( 1.06 )^7

= 15000× 1.418 = ₹ 21,277.78

Answer 2

★Given:-

▪︎Principal = ₹15000

▪︎Rate = 6% per annum

▪︎Time = 7 years

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★To Find:-

▪︎Compound Interest

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★Formula Used:-

▪︎$\tt{Amount = Principal× {(1+ \dfrac{Rate}{100})}^{time}}$

$\tt{▪︎Compound\ Interest = Amount- Principal}$

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★Solution:-

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➥ Finding Amount

$\tt{Amount = Principal×{(1+ \dfrac{Rate}{100})}^{time}}$

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Putting given values in formula:-

$\bf{Amount = 15000 × {(1+ \dfrac{6}{100})}^{7}}$

$\bf{= 15000 × {(1 + \dfrac{6}{100})}^{7}}$

$\bf{= 15000 × {(1+0.06)}^{7}}$

$\bf{= 15000 × {1.06}^{7}}$

$\bf{=15000 × 1.5938480745}$

$\bf{= ₹22,554.453885}$

$\boxed{\tt{\purple{\therefore Amount = ₹22,554.45 (approx.)}}}$

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➥ Finding Compound Interest

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$\tt{Compound\ Interest = Amount- Principal}$

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Putting given value in formula:-

$\bf{Compound\ Interest = 22,554.45 - 15000}$

$\bf{Compound\ Interest = ₹7,554.45}$

$\boxed{\bf{\purple{\therefore Compound\ Interest= ₹7,554.45}}}$

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★Answer:-

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Compound Interest on the principal 600 at the rate of 12.5% in 3 years is ₹7,550 (approx.).

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