Question

Calculate the compound interest on 6000 per 10% per minimum for 2 years

Answer 1

Given:-

• Principal (P) = Rs.6000
• Rate (R) = 10 % p.a.
• Time (T) = 2 years

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To find:-

• Compound interest.

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Solution:-

According to the question,

→ C.I. = P{(1 + R/100)ⁿ - 1}

→ 6,000{(1 + 10/100)² - 1}

→ 6,000{(100 + 10/100)² - 1}

→ 6,000{(110/100)² - 1}

→ 6,000{(11/10)² - 1}

→ 6,000{121/100 - 1}

→ 6,000{121 - 100/100}

→ 6,000 × 21/100

→ Rs.1,260

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Hence,

• the compound interest is Rs.1,260.