Question

find the compound interest on RS.5000 at the rate of 6% p.a for 2years

Answer 1

Given :

• Principal (P) = Rs 5000

• Rate (r) = 6%

• Time (t) = 2 years

To Find :

• Compound Interest

Solution :

Here, I'm gonna solve this question using Unitary method.

1. Unitary Method :

For the first year :

Principal for the first year = 5000

◆ Simple Interest = P×R×T/100

→ Rs 50000 × 6 × 1 / 100

→ Rs 300

$\therefore$ Interest for the first year = Rs 300

So,

◆ Amount = Principal + Simple Interest

→ Rs 5000 + Rs 300

→ Rs 5300

For the second year :

In the second year,the amount in the first year becomes the principal here.

So,

Principal for the second year = Rs 5300

◆ Simple Interest = P×R×T/100

→ Rs 5300 × 6 × 1 / 100

→ Rs 318

$\therefore$ Interest for the second year = Rs 318

So,Compound Interest for 2 years :

◆ C.I. =Interest of first year + Interest of second year

→ Rs 300 + Rs 318

→ Rs 618

Hence,Compound Interest for 2 years is Rs 618

Answer 2

$\large{\underline{\red{\rm{AnswEr:=Rs.618}}}}$

$\bold\green{\underline{Given:}}$

Principal=Rs.5000

Rate=6% per year

Time(n)=2 years

$\bold\red{\underline{Find: Compound\: Interest}}$

• By using formula,here

$\bold\green{\boxed{CI=P(1+\frac{r}{100})^n-P}}$

⟹CI=5000(1+6/100)²-5000

⟹CI=5000(106/100)²-5000

⟹CI=5000*106/100*106/100-5000

⟹CI=5*106*106/10-5000

⟹CI=56180/10-5000

⟹CI=5618-5000

⟹CI=618

Hence,

$\bold\orange{\boxed{Compound\: Interest=Rs.618}}$