find the compound interest on rs 6000 at 20% p.a. for 2 years,compounded annually.(use formula and shortcut methods to solve)
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Answer:
Solution
A=P(1+
100
R
)
T
⇒A=6000(1+
100
9
)
2
=6000×(
100
109
)
2
= 7128.6 /-
⇒ Compound interest = A-P.
= 7128.6 - 6000
Step-by-step explanation:
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Given
- Principal (P) = ₹6000
- Rate (R) = 20%
To Find
- The compund interest on the following.
Formulas used :
- P × R × T/100
- Compound interest = (final amount) - (original principal)
Stepwise solution :
The interest for the first year =>
➯ P × R × T/100
➯ ₹6000 × 20 × 1/100
➯ ₹1200
The amount for the first year is ₹6000 + ₹1200 = ₹7200
➻ The principal for the second year is ₹7200.
The interest for the second year =>
➯ P × R × T/100
➯ ₹7200 × 20 × 1/100
➯ ₹1440
➻ The final amount is ₹7200 + ₹1440 = ₹8640.
Hence,
Compound interest = (final amount) - (original principal)
∴ ₹8640 - ₹6000 = ₹2640
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