Question

Find the amount and compound interest when the interest is compounded
annually.

i) Principal = Rs 5000, Time = 3 years,Rate = 5% per annum

ii) Principal = Rs 2000,Time = 2 years,Rate = 8% per annum

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Answer 1

Answer:

• i) Amount = Rs 5788.125
• Compound interest = Rs 788.125

• ii) Amount = Rs 2332.80
• Compound interest = Rs 332.80

Step-by-step explanation:

Formula used:

In compound interest.

1. A = P(1 + R/100)ᵀ
2. C.I. = A - P

Where,

• A = Amount
• P = Principal
• R = Rate of interest
• T = Time
• C.I. = Compound interest

Solution:

Q: i) Given that:

• Principal = Rs 5000
• Time = 3 years
• Rate = 5% per annum

Finding the amount:

⟶ A = 5000(1 + 5/100)³

⟶ A = 5000(1 + 0.05)³

⟶ A = 5000(1.05)³

⟶ A = 5000 × 1.05 × 1.05 × 1.05

⟶ A = 5788.125

∴ Amount = Rs 5788.125

Finding the compound interest:

⟶ C.I. = 5788.125 - 5000

⟶ C.I. = 788.125

∴ Compound interest = Rs 788.125

Q: ii) Given that:

• Principal = Rs 2000
• Time = 2 years
• Rate = 8% per annum

Finding the amount:

⟶ A = 2000(1 + 8/100)²

⟶ A = 2000(1 + 0.08)²

⟶ A = 2000(1.08)²

⟶ A = 2000 × 1.08 × 1.08

⟶ A = 2332.80

∴ Amount = Rs 2332.80

Finding the compound interest:

⟶ C.I. = 2332.80 - 2000

⟶ C.I. = 332.80

∴ Compound interest = Rs 332.80

Answer 2

Answer:

Given :-

i) Principal = Rs 5000, Time = 3 years, Rate of Interest = 5% per annum.

ii) Principal = Rs 2000, Time = 2 years, Rate of Interest = 8% per annum.

To Find :-

• What is the amount and compound interest when the interest is compounded annually.

Formula Used :-

★ To find amount we know that,

➲ Amount = P(1 + r/100)ⁿ

★ To find compound interest or C.I we know that,

➲ C.I = A - P

where,

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

Solution :-

i)

Given :

• Principal (P) = Rs 5000
• Time (n) = 3 years
• Rate of Interest (r%) = 5%

First, we have to find the amount :

↦ Amount = 5000(1 + 5/100)³

↦ Amount = 5000(105/100)³

↦ Amount = 5000 × 105/100 × 105/100 × 105/100

↦ Amount = 5788125/000

↦ Amount = 5788.125

➠ Amount = Rs 5788.125

∴ The amount is Rs 5788.125 .

Now, we have to find the compound interest :

Given :

• Amount = Rs 5788.125
• Principal = Rs 5000

According to the question by using the formula we get:

↦ C.I = Rs(5788.125 - 5000)

↦ C.I = Rs 5788.125 - Rs 5000

➠ Compound Interest = Rs 788.125

∴ The compound interest is Rs 788.125.

__________________________

ii)

Given :

• Principal (P) = Rs 2000
• Time (n) = 2 years
• Rate of Interest (r%) = 8%

First, we have to find the amount :

↦ Amount = 2000(1 + 8/100)²

↦ Amount = 2000(108/1000)²

↦ Amount = 2000 × 108/100 × 108/100

↦ Amount = 23328/10

↦ Amount = 2332.80

➠ Amount = Rs 2332.80

∴ The amount is Rs 2332.80.

Now, we have to find the compound interest :

Given :

• Amount = Rs 2332.80
• Principal = Rs 2000

According to the question by using the formula we get,

↦ C.I = Rs(2332.80 - 2000)

↦ C.I = Rs 2332.80 - Rs 2000

➠ Compound Interest = Rs 332.80

∴ The compound interest is Rs 332.80 .