Question

6000 rupees for 2 years at 10% per annum compounded annually

Answer 1

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We have,

Principal (p) = Rs 6000

Time (t) = 2 years

Rate (r) = 10%

Now,

Amount (A) = p(1+r)^t
= 6000(1+0.10)²
= 6000(1.1)²
= 6000× 1.21
= 7260

So,

Compound Interest (C.I) = A - p
= Rs (7260 - 6000)
= Rs 1260



Hence,

Compound Interest = Rs 1260