Question

find compound interest on R.S. 8,000 for 2 years at 9% per annum compounded annually ​

Answer 1

Step-by-step explanation:

Given : rupees 8000 on 2 years 9 months @ 10% per annum compounded annually

To find : amount and compound interest

Solution:

P = 8000

R = 10 % per annum

T or n = 2 Years 9 Months

1st we will find amount after 2 years using CI formula

A = P (1 + R/100)ⁿ

A = 8000 ( 1 + 10/100)²

=> A = 8000 ( 1.1)²

=> A = 9680 Rs

Now we will calculate simple interest for 9 months

SI = P * R * T /100

P = 9680

R = 10 %

T = 9 months = 9/12 years = 3/4 years

SI = 9680 * 10 * (3/4)/100 = Rs 726

Final amount = 9680 + 726 = Rs 10406

Interest = 10406 - 8000 = Rs 2406

Amount = Rs 10406

CI = Rs 2406

Answer 2

Given :-

Principal P = ₹8000

Time n = 2 years

Rate R = 9%

To Find :-

The compound Interest

Solution :-

$Amount\:=\:P\:\bigg(1\:+\:{\dfrac{r}{100}}\bigg)^n$

On inserting the values in the formula

We get ,

$Amount\:=\:8000\:\bigg(1\:+\:{\dfrac{9}{100}}\bigg)^2$

$\implies\:Amount\:=\:8000\:\bigg({\dfrac{100 + 9}{100}}\bigg)^2$

$\implies\:Amount\:=\:8000\:\bigg({\dfrac{109}{100}}\bigg)^2$

$\implies\:Amount\:=\:8000\:\times\:{\dfrac{109}{100}}\:\times\:{\dfrac{109}{100}}$

=> Amount = 9504.80

Compound Interest = Amount - Principal

= ₹(9504.80 - 8000)

= ₹ 1504.80

Required answer = ₹1504.80