Question

Find the amount of Rs.6250 at 8% per annum compounded annually for 2 years Also find the compound interest.​

Answer 1

❅GIVEN:

➛ Principal amount P = rs. 6250

➛ Rate R = 8%

➛ Time T = 2 years

❅FIND:

➛ Amount = ?

➛ Compound Interest = ?

❅SOLUTION:

we, know that

$\rm ⇀ Amount = P{(1+\frac{R}{100})}^{T}$

where,

⤳P = rs. 6250

⤳R = 8%

⤳T = 2 years

substitute these values in the formula so, we have

$\rm ↠ Amount = 6250{(1+\frac{8}{100})}^{2}$

now, take the lcm

$\rm ↠ Amount = 6250{(\frac{100 + 8}{100})}^{2}$

$\rm ↠ Amount = 6250{(\frac{108}{100})}^{2}$

now,

$\rm ↠ Amount = 6250(1.1664)$

$\rm ↠ Amount = rs.7290$

$\rm ➥ Thus,amount = \underline{\boxed{ \rm rs.7290}}$

now, we know that

$\rm ↛ Compound \: Interest = Amount - Principal$

where,

Amount = rs. 7290

Principal = rs. 6250

substitute these values in the formula so, we have

$\rm ⇰ Compound \: Interest = 7290 - 6250$

$\rm ⇰ Compound \: Interest = rs.1040$

$\rm ➦ Thus, Compound \: Interest = \underline{ \boxed{ \rm rs.1040}}$