Question

calculate the amount and compound interest on 7500 fir 1 year at 16% per annum compounded annually.​

Answer 1

Given :-

• Principal = Rs,7500
• Rate = 16%
• Time = 1year
• Interest is compounded annually

To Find :-

• Amount and Compound Interest

Formula :-

${:} \longrightarrow \sf\boxed{\bf{Amount\: = \: Principal\: \times \: \bigg(1 \: + \: \dfrac{Rate}{100}\bigg)^{Time} }}$

Solution :-

${:} \longrightarrow \sf{\sf{Amount\: = \: Principal\: \times \: \bigg(1 \: + \: \dfrac{Rate}{100}\bigg)^{Time} }}$

${:} \longrightarrow \sf{\sf{Amount\: = \: 7500\: \times \: \bigg(1 \: + \: \dfrac{16}{100}\bigg)^{1} }}$

${:} \longrightarrow \sf{\sf{Amount\: = \: 7500\: \times \: \dfrac{116}{100} }}$

${:} \longrightarrow \sf{\sf{Amount\: = \: 75 \cancel{00}\: \times \: \dfrac{116}{1 \cancel{00}} }}$

${:} \longrightarrow \sf{\sf{Amount\: = \: 75\: \times \: 116 }}$

${:} \longrightarrow \sf{\bf{Amount\: = \: Rs,8700 }}$

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★ Compound Interest ★

⇒ Compound Interest = Amount - Principal

⇒ Compound Interest = 8700 - 7500

⇒ Compound Interest = Rs,1200

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Therefore, Compound Interest is Rs,1200

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