Question

calculate compound interest on rs 55000 for a year at 12% p.a.​

Answer 1

Step-by-step explanation:

GIVEN :-

Principal (P) =₹55000

Rate (r) =12%

time (t) =1 year

TO FIND :-

Compound interest =C.I.

SOLUTION :-

Formula of Amount(A)

$\sf \: Amount(A) = p \bigg(1 + \frac{r}{100} \bigg)^{t}$

$\sf \: Amount(A) = 55000\bigg(1 + \frac{12}{100} \bigg)^{1} \\ \\ \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: = \sf \: 55000 \times \frac{112}{100} \\ \\ = 61600$

Now C.I. = Amount - principal

$\sf \: C.I. =61600 - 55000 \\ = rs \: 6600 \: \: \: \: \: \:$

Hence compound interest is ₹ 6600