Question

Find compound interest on ₹12,600 for 2 years at 10% per annum compounded annually

Answer 1

Step-by-step explanation:

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Answer 2

Principal (P) = 12600

Time = 2 years

Rate (R) =10%

A = P ( 1 + r/100)^n

A = 12600 (1 + 10/100)²

   = 12600 ( 1 + 1/10)²

   = 12600 ( 10+1/10)²

   = 12600 ( 11/10)²

   = 12600 x 121/100

   = 126 x 121

   = 15246

∴ Amount after 2 years = Rs 15246

Now,

Amount = Principal + Interest

15246 = 12600 + Interest

Interest = 15246 - 12600

Interest = 2646

∴ Compound interest = Rs 2646

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