Question

Daljit receive a sum of rupees 40000 as a loan from a finance company at rate of 7% per annum find the compound interest paid by daljeet after 2 years.

Answer 1

P=40000;T=2;R=7;;;;;
CI=40000x2x7/100
=>CI=5600 answer

Answer 2

Answer:

$\sf\large\underline\purple{Given:-}$

$\sf{\implies Sum\:_{(money)}=40000}$

$\sf{\implies Time\:_{(annually)}=2\: years}$

$\sf{\implies Rate\:_{(interest)}=7\%}$

$\sf\large\underline\purple{To\: Find:-}$

$\sf{\implies Interest\:_{(after\:2\: years)}=?}$

$\sf\large\underline\purple{Solution:-}$

To calculate interest after 2 years on the sum of money of 40000 at the rate of 7% for 2years. Simply by applying formula of compound interest to get the interest:-]

$\sf\large\underline\purple{Formula\:used:-}$

$\tt{\implies CI=P\bigg(1+\dfrac{r}{100}\bigg)^{n}-P}$

$\tt{\implies CI=40000\bigg(1+\dfrac{7}{100}\bigg)^{2}-40000}$

$\tt{\implies CI=40000\bigg(\dfrac{100+7}{100}\bigg)^{2}-40000}$

$\tt{\implies CI=40000\bigg(\dfrac{107}{100}\bigg)^{2}-40000}$

$\tt{\implies CI=40000*(1.07)^{2}-40000}$

$\tt{\implies CI=40000*1.1449-40000}$

$\tt{\implies CI=45,796-40000}$

$\tt{\implies CI=5796}$

$\sf\large{Hence,}$

$\sf{\implies Interest\:_{(after\:2\: years)}=5796}$

$\sf\green{\implies Some\: more\:information:-}$

If time is given:- Half yearly, Quarterly , then rate and time is changed. So, for changing time , we have to multiply by 2 and for changing rate we have to divide by 2 if the time is given in half yearly, like this t×2 and r÷2. If time is given in quarter then we have to multiply by 4 in time and dividing by 4 in rate of interest:-]