Question

find the compound interest on Rs.6400 at 51/2% per annum for 2 years

plz answer step by step​

Answer 1

Answer:

∴ Compound Interest will be Rs. 683

Step-by-step explanation:

TO FIND:

Compound interest on rupees 6400 for 2 years

GIVEN:

Principal amount [P]=6400

Annual rate[r]=5.2%

Time=2yrs

Thus,the amount of compound interest will be

1 = P ( 1 + 100 )2 - P

I=6400(1+5.2/100)²- 6400

I=6400(1+0.052)²- 6400

I=6400(1.052)²- 6400

I=7803-6400

I=683

Thus the interest of rupees 683 will be applicable for a principal amount of 6400 over a time period of 2 years