Question

Exercise 7.1
1. Calculate the compound interest on 6000 at 10% per annum for two years.​

Answer 1

Step-by-step explanation:

Here,

principal = 6000

Rate = 10% per annum

time = 2 years

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formula of amount on compound interest =

p{1+(r/100)}^t

where,

p is principal

r is rate

t is time

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Solution »

6000{ 1+(5/100)}^2

=6000×105/100×105/100

=6615

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hence the amount after 2 years will be ₹6615.

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