Question

Find the compound interest on Rs. 16000 at the rate of 5% pep.a for 2 years. Compounded annually?​

Answer 1

Answer:

D=Rs16000Ifinterestarequaterly⇒ThenRate=220=2years⇒C.I=16000[1+10010]2⇒C.I=16000[1011]2C.I=16000×1011×1011=16×12×10=19360rupees

Step-by-step explanation:

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Answer 2

Given :-

• Rs. 16000 at the rate of 5% per annum for 2 years compounded annually

To find :-

• Compound interest

Solution :-

• Principle (P) = Rs.16000

• Rate (R) = 5 %

• Time (n) = 2 years

As we know that

→ Amount = Principle(1 + Rate/100)ⁿ

→ A = P(1 + R/100)ⁿ

→ A = 16000(1 + 5/100)ⁿ

→ A = 16000(1 + 1/20)²

→ A = 16000(20 + 1/20)²

→ A = 16000 × (21/20)²

→ A = 16000 × 21/20 × 21/20

→ A = 800 × 21 × 21/20

→ A = 40 × 21 × 21

→ A = 40 × 441

→ A = Rs.17640

Hence,

• Amount is Rs.17640

Now,

→ Compound Interest = Amount - Principle

→ Compound Interest = 17640 - 16000

→ Compound Interest = Rs.1640

Therefore,

• Compound interest is Rs.1640