Question

find compound interest on ₹4000000 st 8% per annum for 2 years compoundes annually​

Answer 1

Given:

• Principal = Rs. 4000000
• Rate = 8 %
• Time = 2 years

What To Find:

Compound Interest

Formula Used:

$\sf{A = P \left(1 + \dfrac{R}{100} \right)^T}$

$\sf {CI = A - P}$

Solution:

• Finding the amount,

Using the formula,

⇒ $\sf{A = P \left(1 + \dfrac{R}{100} \right)^T}$

Substitute the values,

⇒ $\sf{A = 4000000 \left(1 + \dfrac{8}{100} \right)^2}$

Solve the brackets,

⇒ $\sf{A = 4000000 \left(\dfrac{108}{100} \right)^2}$

Remove the brackets,

⇒ $\sf{A = 4000000 \times \dfrac{108}{100} \times \dfrac{108}{100}}$

Cancel the zeros,

⇒ $\sf{A = 400 \times 108 \times 108}$

Multiply the numbers,

⇒ A = Rs. 46,65,600

• Finding CI,

Using the formula,

⇒ CI = A - P

Substitute the value,

⇒ CI = Rs. 46,65,600 - Rs. 40,00,000

Subtract the amount,

⇒ CI = Rs. 6,65,600

∴ Thus, compound interest is Rs. 6,65,600.

Answer 2

Answer:

Given :-

• A sum of Rs 4000000 at 8% per annum for 2 years compounded annually.

To Find :-

• What is the compound interest.

Formula Used :-

❶ To find amount we know that,

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

where,

• A = Amount
• P = Principal
• r = Rate of Interest
• n = Time

❷ To find compound interest we know that,

${\red{\boxed{\large{\bold{C.I =\: A -\: P}}}}}$

where,

• C.I = Compound Interest
• A = Amount
• P = Principal

Solution :-

❶ First we have to find the amount,

Given :

• Principal (P) = Rs 4000000
• Rate of Interest (r) = 8%
• Time (n) = 2 years

According to the question by using the formula we get,

⇒ $\sf A =\: 4000000\bigg(1 + \dfrac{8}{100}\bigg)^{2}$

⇒ $\sf A =\: 4000000\bigg(\dfrac{100 + 8}{100}\bigg)^{2}$

⇒ $\sf A =\: 4000000\bigg(\dfrac{108}{100}\bigg)^{2}$

⇒ $\sf A =\: 400\cancel{00}\cancel{00} \times \dfrac{108}{1\cancel{00}} \times \dfrac{108}{1\cancel{00}}$

⇒ $\sf A =\: 4665600$

➠ $\sf\bold{\green{A =\: Rs\: 4665600}}$

$\therefore$ The amount is Rs 4665600.

❷ Now we have to find the compound interest,

Given :

• Amount = Rs 4665600
• Principal = Rs 4000000

According to the question by using the formula we get,

↦ $\sf C.I =\: Rs\: 4665600 -\: Rs\: 4000000$

➦ $\sf\bold{\purple{C.I =\: Rs\: 665600}}$

$\therefore$ The compound interest is Rs 665600 .