Question

Find amount on Rs. 5000 for 2 years at
10% per annum compounded annually.​

Answer 1

Question :-

• Find the Amount on Rs. 5000 for 2 years at 10 % per annum Compounded Annually .

⠀⠀⠀⠀⠀⠀⠀

Answer :-

• Amount is Rs. 6050

⠀⠀⠀⠀⠀⠀⠀

Explanation :-

• Here, Principal is given Rs. 5000 . Rate of Interest is 10 % . Time Period is 2 years . And, we have to calculate the Amount .

⠀⠀⠀⠀⠀⠀⠀

➻ Formula Required :-

• $\sf{Amount = P \: \bigg[ \: 1 \: + \: \frac{R}{100} \: \bigg]^{N} }$

⠀⠀⠀⠀⠀⠀⠀

➻ Where ,

• P denotes to Principal .
• R denotes to Rate of Interest .
• N denotes to Time Period .

⠀⠀⠀⠀⠀⠀⠀

➻ By substituting the given values :-

$\dag \: \: \sf{Amount = P \: \bigg[ \: 1 \: + \: \frac{R}{100} \: \bigg]^{N} }$

$\Longrightarrow \: \: \sf{Amount = 5000 \: \bigg[ \: 1 \: + \: \frac{10}{100} \: \bigg]^{2} }$

$\Longrightarrow \: \: \sf{Amount = 5000 \times \bigg[ \: \frac{11}{10} \: \bigg] ^{2} }$

$\Longrightarrow \: \: \sf{Amount = 5000 \: \times \: \frac{11}{10} \: \times \: \frac{11}{10} }$

$\Longrightarrow \: \: \sf{Amount = 50 \: \times \: 11 \: \times \: 11}$

$\Longrightarrow \: \: \sf{Amount = Rs. \: 6050}$

⠀⠀⠀⠀⠀⠀⠀

Hence :-

• Amount = Rs. 6050

▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃

Answer 2

$\mathfrak{Solution-:}$

Given-:

• Principal (P) = Rs. 5000
• Rate (R) = 10% p.a
• Time (T) = 2 years

To Find-:

• Amount = ?

Using Formula-:

$\bigstar \: \underline{ \boxed{ \sf \: A \: = \: P \: \bigg( \: 1 \: + \: \frac{R}{100} \bigg) {}^{t}} }$

Where,

⭑A denotes Amount

⭑P denotes Principal

⭑R denotes Rate

⭑T denotes Time

Calculation-:

$\bigstar \: \underline{ \boxed{ \sf \: A \: = \: P \: \bigg( \: 1 \: + \: \frac{R}{100} \bigg) {}^{t}} } \\ \\ \sf \implies \: 5000 \: \bigg(1 + \frac{10}{100} \bigg) {}^{2} \\ \\ \sf \implies \: 5000 \: \bigg(\frac{100 + 10}{100} \bigg) {}^{2} \\ \\ \sf \implies \: 5000 \: \bigg( \frac{110}{100} \bigg) {}^{2} \\ \\ \sf \implies \: 5000 \: (1.1) {}^{2} \\ \\ \sf \implies \: 5000 \times 1.1 \times 1.1 \\ \\ \sf \implies \: 5000 \times 1.21 \\ \\ \: \boxed{\sf \implies \: Rs. \: 6050}$

Hence, the Amount = Rs. 6050.

$\rule{200pt}{4pt}$

MORE TO KNOW-:

★ Principal-: The money you borrow is known as Principal.

★ Interest-: For keeping the money for sometime the borrower has to pay some extra money which is known as Interest.

★ Time Period-: The Period for which the money is borrowed is known as Time Period.

★ Amount-: Total money paid by the borrower to the lender is known as Amount.

• Amount = Principal + Interest

★ Rate of Interest is generally given in percent per year.

★ Simple Interest-: If the Principal remains the same for the entire loan period, then the Interest paid is called Simple Interest (S.I).

$\rule{200pt}{4pt}$