Question

Find compound interest on Rs 6250 at 8% p.a. for 2 years.

Answer 1

Answer:

1040 Rs

Step-by-step explanation:

Compound interest

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

Here P=6250 Rs

Rate R=8%

Time =2 years

$A = 6250 { \bigg(1 + \frac{8}{100} \bigg)}^{2} \\ \\ A = 6250 \times \frac{108}{100} \times \frac{108}{100} \\ \\ A = \frac{72900000}{10000} \\ \\ A = 7290$

Compound interest= A-P

$=7290 - 6250 \\ \\ = 1040$

Hope it helps you.

Answer 2

The compound interest is Rs.1040

Step-by-step explanation:

Principal = Rs.6250

Rate of interest = 8% = 0.08

Time = 2 years

Formula : $A=P(1+r)^t$

Where A = Amount

P = Principal

r = rate of interest in decimals

t = time

$A=6250(1+0.08)^2$

A=7290

Interest = Amount - Principal

Interest = 7290-6250

Interest = 1040

Hence The compound interest is Rs.1040

#Learn more:

Find the rate in which 90000 will amount to 115600 in 2 years​

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