Question

Calculate the compound interest on ₹5000 for 2years at the rate of 6% p. a. Also, find the amount.


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Answer 1

Step-by-step explanation:

It is given that

Principal (P) = 5000

Rate of interest (r) = 6% p.a.

Period (n) = 2 years

We Know that

Amount = P(1+r/100)

n

Substituting the values

=5000(1+6/100)

2

By further calculation

= 5000×53/50×53/50

= 5618

Here

CI = A - P

Substituting the values

=5618−5000

= 618

Answer 2

$\huge\red{☛Question}$

Calculate the compound interest on ₹5000 for 2 years at the rate of 6% p. a. Also, find the amount.

$\huge\orange{☛Solution}$

For the first year,

◕ Principal,P = ₨ 5000,

◕ Rate,R = 6% p.a.

So,

$I \:➙\frac{P \times R \times T}{100}$

$\:\:\:\: ➙ \frac{5000 \times 6 \times 1}{100}$

$\: \:\:\:➙ ₨ 300$

☆ The amount at the end of the first year

➠ ₨ 5000 + ₨ 300

➠ ₨ 5300.

☆ The Principal for the second year is ₨ 5300

So,

☆ The interest for the second year

$➙ \: \frac{P \times R \times T}{100}$

$➙ \frac{5300 \times 6 \times 1}{100}$

$➙ ₨ 318$

☆ So, the final amount

➠ ₨ 5300 + ₨ 318

➠ ₨ 5618.

✮ Hence, compound interest

➫ (final amount) - (original amount)

➫ ₨ 5618 - ₨ 5000

➫ ₨ 618

Nᴏᴛᴇ : The compound interest is here equal to the sum of the interests for the two years,

that is , ₨ 300 + ₨ 318 = ₨ 618.