Question

Find the amount and the compound intrest on rupees 5000 for 2 years at 6% per annum, interest payable yearly.​

Answer 1

It is given that

Principal (P) = 5000

Rate of interest (r) = 6% p.a.

Period (n) = 2 years

We Know that

Amount = P(1+r/100)^n

Substituting the values

=5000(1+6/100)^2

By further calculation

= 5000×53/50×53/50

= 5618

Here

CI = A - P

Substituting the values

=5618−5000

= 618

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