Question

Find the amount and compound interest on Rs. 6250 at 8% compounded annually for 2years.​

Answer 1

Step-by-step explanation:

Given:-

• Principal (P) = Rs.6250

• Rate (r) = 8%

• Time (n) = 2 years

To Find:-

• The Amount

• Compound Interest compounded annually.

Solution:-

As we know that the formula used for finding Amount is:-

$\boxed{ \sf \bull \: Amount = P \bigg(1 + \frac{r}{100} \bigg)^{n}}$

Substituting the values:-

$\sf \implies \: A = 6250 \times \bigg(1 + \dfrac{8}{100} \bigg)^{2}$

$\sf \implies \: A = 6250 \times \bigg(\dfrac{100 + 8}{100} \bigg)^{2}$

$\sf \implies \: A = 6250 \times \bigg(\dfrac{108}{100} \bigg)^{2}$

$\sf \implies \: A = 6250 \times \bigg(\dfrac{27}{25} \bigg)^{2}$

$\sf \implies A = 6250 \times \dfrac{729}{625}$

$\sf \implies A = 10 \times 729$

$\sf \implies A = 7290$

$\sf \dashrightarrow \underline{\: \: \underline{\: \sf Amount = Rs.7290\: }\: \: }$

Compound Interest = Amount - Principal

= 7290 - 6250

= 1040

$\sf \underline{\boxed{\sf \therefore Compound \: Interest= Rs.1040 }}$

Answer 2

⠀⠀⠀⠀⠀⠀⠀${\huge{\underbrace{\rm{Question}}}}$

Find the amount and compound interest on Rs. 6250 at 8% compounded annually for 2years.

⠀⠀⠀⠀⠀⠀⠀⠀${\huge{\underbrace{\rm{Answer}}}}$

⠀⠀

Given:

⠀⠀

• Principal ( P ) = Rs. 6250

• Interest rate ( r ) = 8 %

• Time ( n ) = 2 years

⠀⠀

To find:

⠀⠀

Find the amount and compound interest

⠀⠀

Solution:

⠀⠀

We know that,

⠀⠀⠀⠀$\boxed{\bf{\pink{Amount=P(1+\dfrac{r}{100})^{2}}}}$

Where,

• P = Principal

• r = rate of interest

• n = time

⠀⠀

$\sf{:\implies Amount=[6250×(1+\dfrac{8}{100})^{2}]}$

⠀⠀

$\sf{:\implies Amount=[6250×(\dfrac{108}{100})^{2}]}$

⠀⠀

$\sf{:\implies Amount=[6250×(\dfrac{27}{25})^{2}]}$

⠀⠀

$\sf{:\implies Amount=[6250×\dfrac{729}{625}]}$

⠀⠀

$\sf{:\implies Amount=10×729}$

⠀⠀

$\sf{:\implies Amount=Rs.7290}$

⠀⠀

Now,

We also know that,

⠀⠀

$\boxed{\bf{\pink{Compound\:interest=(Amount-Principal)}}}$

⠀⠀

Therefore,

$\sf{:\implies Compound\:interest=(7290-6250)}$

⠀⠀

$\sf{:\implies Compound\:interest=Rs.1040}$

⠀⠀

Hence,

⠀⠀

• Amount is Rs.7290

• Compound interest is Rs.1040

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