Question

Find the compound interest on Rs 6000 for 2 years at 9% per annum compounded annually.

Answer 1

Amount =

$P ( 1 + R / 100 ) ^{t}$

HERE :-

P = Rs. 6000

T = 2 years

Rate of interest = 9%

Substituting in the formula we get,

☞ Amount = 6000 ( 1 + 9 / 100 )²

☞ Amount = 6000 ( 1 + 0.09 )²

☞ Amount = 6000 ( 1.09 )²

☞ Amount = 6000 ( 1.1881 )

☞ Amount = 7128.60

amount =Rs. 7128.60

Compound Interest = Amount - Principal

☞ CI = 7128.6 - 6000.0

=> CI = 1128.6

Answer 2

Given:-

• Principal = ₹6000
• Time = 2 years
• Rate % = 9%

To finD:

• Compound Interest

Solution:-

We are given Principal (P) is ₹6000, Time(t) is 2 years and Rate(R) is 9%.

____________

We know that if amount isn't given in question, then we need to find Amount (A) and then compound Interest with different formulas.

Formula to find Amount (A) :-

Amount = $\large{\bf{P(1+\dfrac{r}{100})^n}}$

Where,

• P = Principal
• r = rate
• n = time period

Putting values in formula:-

$\large{\bf{P(1+\dfrac{r}{100})^n}}$

→ $\large{\bf{6000(1+\dfrac{9}{100})^2}}$

→ $\large{\bf{6000(\dfrac{100+9}{100})^2}}$

→$\large{\bf{ 6000 \times \frac{109}{100} \times \frac{109}{100} }}$

→ $\large{\bf{ 6000× \dfrac{11881}{10000}}}$

→ $\large{\bf{\cancel{6000} ×\dfrac{ 11881}{\cancel{10000}}}}$

→ $\large{\bf{\dfrac{6×11881}{10}}}$

→ $\large{\bf{\dfrac{71286}{10}}}$

→ $\large{\bf{7128.6}}$

→ $\large{\boxed{\mathfrak{\green{Amount\:=\: ₹7128.6}}}}$

____________

Now,

Formula to find compound Interest:-

Compound interest ( C.I) = Amount (A) - Principal (P)

Putting values in formula :-

Compound interest = A - P

→C.I = 7128.6 - 6000

→ C.I = 1128.6

Therefore,

$\huge{\boxed{\large{\mathfrak{\pink{Compund\: interest\: =\: ₹1128.6}}}}}$