Question

Find the amount and the compound on ₹8000 at 5℅per annum,for2 years compound annually
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Answer 1

Answer:

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Answer 2

The amount received at the end of 2 years is Rs. 8820.

The compound interest earned is Rs. 820.

Step-by-step explanation:

The formula to compute the amount in case of compound interest is:

$A=P[1+\frac{r}{100}]^{t}$

Given:

P = Rs. 8000

r = 5% p.a.

t = 2 years.

Compute the amount at the end of 2 years as follows:

$A=P[1+\frac{r}{100}]^{t}$

   $=8000\times [1+\frac{5}{100}]^{2}$

   $=8000\times (1.05)^{2}$

   $=8820$

The amount received at the end of 2 years is Rs. 8820.

Compute the compound interest earned as follows:

$CI=A-P$

     $=8820-8000\\=820$

The compound interest earned is Rs. 820.