Find the compound interest if 59000 are invested for 2 years at the rate of 10 p.c.p.a.
Answers
Answer:
Principal amount (P) = Rs.9000
Rate of interest (R) = 10%
Time period (T) = 2 years
Mode of compounding = Annually
In order to find the compound interest when the principal amount is compounded annually, we need to implement the formula given below:
\sf{\implies\:A=P\left(1+\dfrac{R}{100}\right)^n}⟹A=P(1+
100
R
)
n
Applying the formulae into the equation:
\sf{\longrightarrow\:A=9000\left(1+\dfrac{10}{100}\right)^2}⟶A=9000(1+
100
10
)
2
\sf{\longrightarrow\:A=9000\left(1+\dfrac{1}{10}\right)^2}⟶A=9000(1+
10
1
)
2
\sf{\longrightarrow\:A=9000\times\dfrac{11}{10}\times\dfrac{11}{10}}⟶A=9000×
10
11
×
10
11
\sf{\longrightarrow\:A=90\times11\times11}⟶A=90×11×11
\sf{\longrightarrow\:A=90\times121}⟶A=90×121
\sf{\longrightarrow\:A=10890}⟶A=10890
The total amount is Rs.10890.
Now, in order to find the C.I amount:
\sf{\implies\:C.I=A-P}⟹C.I=A−P
Applying the values into the formula:
\sf{\longrightarrow\:C.I=10890-9000}⟶C.I=10890−9000
\sf{\longrightarrow\:C.I=1890}⟶C.I=1890
Therefore, the Compound interest amount is Rs.1890.
Step-by-step explanation:
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Step-by-step explanation:
just put the respective values!
