Question

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Answer 1

Answer

Calculating Compound Interest

Following steps

1)Find the Simple interest (S.I)for a year.

Let the principal for the first year be

$p1 \: here \: p1 \: = 20000$

SI¹=SI at 8% p.a. for 1st year

$= \frac{20000}{100} = 1600$

2)Then find the amount which will be paid or received, this becomes principal for the next ,About at the end of 1st year

$= p1 + si1 = 20000 + 1600 \\ = 21600 = p2(principal \: for \: second \: year)$

3)Again find the interest on the sum of another.

SI²=SI at 8% p.a.for 2nd year=

$\frac{21600 \times 8}{100} \\ = 1728$

4)Find the amount which has to be paid or received at the end of second year.

Amount at the end of 2nd year

$= p2 + si2 \\ = 21600 + 1728 \\ = 23328 \\ total \: intrest \: given = 1600 + 1728 \\ = 3328$

Answer 2

Answer:

compound interest = $3,328$

step-by-step-explanation:

formula for amount =$p(1+\frac{r}{100} )^{n}$

here,

p = principal = $rupees\ 20,000$

r= rate of interest = $8\%$

n = time or no.of years = $2\ years$

amount = $20,000(1+\frac{8}{100})^{2}$

amount = $20,000(\frac{100}{100} + \frac{8}{100} )^{2}$

amount = $20,000(\frac{108}{100})^{2}$

amount = $20,000(\frac{27}{25})^{2}$

amount = $20,000(\frac{729}{625} )$

amount = $\frac{14580000}{625}$

amount = $23,328$

compound interest = amount - principal

compound interest = $23,328 - 20,000$

compound interest = $3,328$

compound interest is 3,328 rupees