Question

find the compound interest on Rs. 12600 for 2 years at 10% per annum compounded​

Answer 1

Solution!!

The concept of compound interest has to be used here. The principal, rate of interest and time is given. We have to find the compound interest.

For 1st year

Principal (P) = Rs 12600

Time (T) = 1 year

Rate of interest (R) = 10%

Interest = (P × R × T)/100

Interest = (12600 × 10 × 1)/100

Interest = Rs 1260

Amount = Principal + Interest

Amount = Rs 12600 + Rs 1260

Amount = Rs 13860

The amount in the 1st year is the principal of the 2nd year.

For 2nd year

Principal (P) = Rs 13860

Time (T) = 1 year

Rate of interest (R) = 10%

Interest = (P × R × T)/100

Interest = (13860 × 10 × 1)/100

Interest = Rs 1386

Amount = Principal + Interest

Amount = Rs 13860 + Rs 1386

Amount = Rs 15246

Compound interest = Rs 1260 + Rs 1386

Compound interest = Rs 2646

Answer 2

Given :

• Principal (P) = Rs 12600
• Time (n) = 2 years
• Rate (R) = 10% per annum

To Find :

• Compound interest

Formulas :

$\red \bigstar \: {\underline{\boxed{\mathcal {\pmb{\quad Amount \: = \: Principal \: \times \bigg(\:1 \: + \: \dfrac{Rate}{100}\bigg)^{n}\quad}}}}}$

$\red \bigstar \: {\underline{\boxed{\mathcal {\pmb{\quad Compound \: Interest \: = \: Amount \: - \: Principal \quad}}}}}$

Solution :

${:} \longrightarrow \sf \: Amount \: = \: Principal \: \times \bigg(\:1 \: + \: \dfrac{Rate}{100}\bigg)^{n} \\ \\ {:} \longrightarrow \sf \: Amount \: = \: 12600 \: \times \bigg(\:1 \: + \: \dfrac{10}{100}\bigg)^{2} \\ \\ {:} \longrightarrow \sf \: Amount \: = \: 12600 \: \times \bigg(\dfrac{110}{100}\bigg)^{2} \\ \\ {:} \longrightarrow \sf \: Amount \: = \: 12600\: \times \: \dfrac{110}{100} \: \times \: \dfrac{110}{100} \\ \\ {:} \longrightarrow \sf \: Amount \: = \: 126\cancel{00} \: \times \: \dfrac{11 \cancel0}{1 \cancel{00}} \: \times \: \dfrac{11 \cancel0}{1 \cancel{00}} \\ \\ {:} \longrightarrow \sf \: Amount \: = \: 126 \: \times \: 11 \: \times \: 11\\ \\ {:} \longrightarrow \sf \: Amount \: = \: 126 \: \times \: 121\\ \\{:} \longrightarrow \underline{\boxed{\sf \: Amount \: = \: Rs \: 15,246}} \: \blue \bigstar$

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$\longmapsto {\pmb{ Compound \: Interest \: = \: Amount \: - \: Principal} } \\ \\ \longmapsto {\sf{ Compound \: Interest \: = \: 15246 \: - \: 12600} } \\ \\ \longmapsto \underline{\boxed{\pmb{ \red{ Compound \: Interest \: = \:Rs \:2,646} }}}$

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$\qquad \therefore\: \sf{ Amount \: = \underline {\underline{ Rs \: 15246}}}$

$\qquad \therefore\: \sf{ Compound \: Interest\: = \underline {\underline{ Rs \: 2646}}}$

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