Question

Find the compound interest on Rs. 8000 at 3% per annum for 2 years compounded annualy.
A) Rs. 610
B) Rs. 487.2
C) Rs. 614.2
D) Rs. 616.2 ​

Answer 1

Answer:

Given :-

• A sum of Rs 8000 at 3% per annum for 2 years compounded annually.

To Find :-

• What is the compound interest.

Formula Used :-

$\clubsuit$ Amount Formula :

$\bigstar \: \: \sf\boxed{\bold{\pink{A =\: P\bigg(1 + \dfrac{r}{100}\bigg)^n}}}\: \: \: \bigstar$

where,

• A = Amount
• P = Principal
• r = Rate of Interest
• n = Time Period

$\clubsuit$ Compound Interest Formula :

$\bigstar \: \: \sf\boxed{\bold{\pink{Compound\: Interest =\: A - P}}}\: \: \: \bigstar$

where,

• A = Amount
• P = Principal

Solution :-

First, we have to find the amount :

Given :

• Principal = Rs 8000
• Rate of Interest = 3% per annum
• Time Period = 2 years

According to the question by using the formula we get,

$\implies \bf A =\: P\bigg(1 + \dfrac{r}{100}\bigg)^n$

$\implies \sf A =\: 8000\bigg(1 + \dfrac{3}{100}\bigg)^2$

$\implies \sf A =\: 8000\bigg(\dfrac{103}{100}\bigg)^2$

$\implies \sf A =\: 8000\bigg(\dfrac{103}{100} \times \dfrac{103}{100}\bigg)$

$\implies \sf A =\: 8000\bigg(\dfrac{10609}{10000}\bigg)$

$\implies \sf A =\: 8{\cancel{000}} \times \dfrac{10609}{10\cancel{000}}$

$\implies \sf A =\: \dfrac{8 \times 10609}{10}$

$\implies \sf A =\: \dfrac{84872}{10}$

$\implies \sf\bold{\purple{A =\: Rs\: 8487.2}}$

Hence, the amount is Rs 8487.2 .

Now, we have to find the compound interest :

Given :

• Principal = Rs 8000
• Amount = Rs 8487.2

According to the question by using the formula we get,

$\dashrightarrow \bf Compound\: Interest =\: A - P$

$\dashrightarrow \sf Compound\: Interest =\: Rs\: 8487.2 - Rs\: 8000$

$\dashrightarrow \sf\bold{\red{Compound\: Interest =\: Rs\: 487.2}}$

$\therefore$ The compound interest is Rs 487.2 .

Hence, the correct options is option no (B) Rs 487.2 .

Answer 2

Answer:

A=P(1+R/100)^n

A=8000(1+3/100)^2

A=(8000*103*103)/100*100

A=(8*103*103)/10

A=10.3*103*8

A= 8487.2

CI=A-P

CI=8487.2-8000

CI=487.2