find the compound interest on rs.7600 at the rate of 5% per annum for 2 years
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in the answer key its rs.779..
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Answer:
Step-by-step explanation:
⇨ Principal = Rs. 7,600
⇨ Rate = 5%
⇨ Time = 2 years
⇨ Amount = P [1 + (R / 100)]^t
➢ Amount = 7,600 [1 + (5 / 100)]²
➢ Take LCM
➢ Amount = 7,600 (100 + 5 / 100)²
➢ Amount = 7,600 (105 / 100)²
➢ Amount = 7,600 (11,025 / 10,000)
➢ Amount = 7,600 × 11,025 / 10,000
➢ Cancel out the zeros
➢ Amount = 76 × 11,025 / 100
➢ Amount = 8,37,900 ÷ 100
➢ Amount = 8,37,900 ÷ 100 = 8,379
➢ Amount = Rs. 8,379
Amount is Rs. 8,379.
⇨ Compound Interest = Amount - Principal
➢ Compound Interest = 8,379 - 7,600
➢ Compound Interest = 8,379 - 7,600 = 779
➢ Compound Interest = Rs. 779
Compound interest after 2 years will be Rs. 779.
Hence, we got the answer. The interest compounded after 2 years will be Rs. 779.
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