Question

Calculate the compound interest on ₹8000 at 9% per annum for 2 years.​

Answer 1

Answer:Given :   rupees 8000 on 2 years 9 months @ 10% per annum compounded annually​

To find  :  amount and compound interest

Solution:

P = 8000

R = 10 % per annum

T or n  = 2 Years  9 Months

1st we will find amount after 2 years using CI formula

A = P (1  + R/100)ⁿ

A = 8000 ( 1   + 10/100)²

=> A = 8000 ( 1.1)²

=> A = 9680  Rs

Now we will calculate simple interest for 9 months

SI = P * R * T /100

P = 9680

R = 10 %

T = 9 months = 9/12 years  = 3/4  years

SI = 9680 * 10  * (3/4)/100   =   Rs 726

Final amount = 9680 + 726  =   Rs 10406

Interest  = 10406 - 8000 = Rs 2406

Amount = Rs 10406

CI = Rs 2406

Step-by-step explanation: