Question

calculate the compound interest on rs. 5000 for 2 years at 6 % p.a. also find the amount

Answer 1

Hey,
Interest for the first year=5000*1*6/100
=300.
Amount at the end of first year =5000+300
=5300(principal for third year)
Now,
Interest for the second year=5300*1*6/100
=318.
Amount at the end of the second year=5300+318
=5618.

Therefore,
Compound interest =Final amount-original principal
=5618-5000
=Rs 618.

Hope this helps!!

Answer 2

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