Question

find the compound interest on rs 8000 for 2 years 3 months at 10%

Answer 1

Given

• Principal (P)=Rs.8000
• Rate (R)= 10%
• Time (T)=3 mounts

To find

• Compound interest(CP)

Formula used

$\sf{CP=P\Bigg\{\left(1+\dfrac{R}{100}\right)^{n} - 1\Bigg \}}$

Where

CP= Compound interest

P=Principal

R=Rate

T=Time

Here

Time= 3 mounts

1 years = 4× Mounts

Rate = 10/4

Putting the Value in formula we get

$\sf{CP=8000\Bigg\{\left(1+\dfrac{10}{400}\right)^{1} - 1\Bigg \}}$

$\sf{CP=8000\Bigg\{\left(\dfrac{400 + 10}{400}\right) - 1\Bigg \}}$

$\sf{CP=8000\Bigg\{\left(\dfrac{4 10}{400}\right) - 1\Bigg \}}$

$\sf{CP=8000\Bigg\{\dfrac{4 10 - 400}{400} \Bigg \}}$

$\sf{CP=8000 \times \dfrac{10}{400} }$

$\sf{CP=20 \times 10}$

$\sf{CP=200}$

• The compound interest on rs 8000 for 2 years 3 months at 10% is Rs.200.