Question

Calculate the compound interest on Rs 6000 in 2 years 10 %

Answer 1

Given :-

Principal = ₹6000

Time = 2 years

Rate = 10%

To Find :-

The Compound Interest

Solution :-

$A\: =\: P\: \bigg(1\: +\:{\dfrac{r}{100}}\bigg)^{n}$

On inserting the values in the formula

We get ,

$A\: =\: 6000\: \bigg(1\: +\:{\dfrac{10}{100}}\bigg)^{2}$

$\implies\: A\: =\: 6000\: \bigg({\dfrac{110}{100}}\bigg)^{2}$

$\implies\: A\: =\: 6000\: \times\: {\dfrac{110}{100}}\: \times\: {\dfrac{110}{100}}$

$\implies\: A\: =\: \bold{7260}$

Compound interest = Amount - Principal

= 7260 - 6000

= 1260

Therefore, the compound interest is ₹1260