Question

calculate on how many years will Rs 40000 amount to Rs46656 at the rate of 8% compound interest per annum​

Answer 1

Compound Interest has been calculated for 2 years.

Step-by-step explanation:

Given,

Principal = Rs.40000,

Amount = Rs.46656

Rate of Compound Interest = 8%

We know that,

Amount - Principal = Interest

46656-40000 = Interest

Rs.6656 = Interest

Here,Interest for 1st year = $\frac{Principal\times Rate\times Time}{100}$

                      = $\frac{40000\times 8\times 1}{100}$

                       = Rs. 3200

Amount= Principal+ Intrest

             = Rs.40000 + Rs.3200

             = Rs.43200

Amount for 1st year will be Principal for next year

Interest for next year =$\frac{Principal\times Rate\times Time}{100}$

          = $\frac{43200\times 8\times 1}{100}$

          = Rs. 3456

Compound Interest for 2 years = Rs.3200 + Rs.3456

                                                    = Rs.6656

Hence,Compound Interest has been calculated for 2 years.

Answer 2

Compound interest for 2 years =(3200+3456)

=RS.6656