Question

Find the compound interest when principal is 7000, rate is 5% per annum and
period is 2 years.
​

Answer 1

Here is your answer friend:

Given,

p=7000

r=5%p.a.

t=2years

therefore, principal for 1st year is 7000

:.Amount for the first year=PRT/100.

=7000*5*1/100

= 70*5

= £ 350.

principal for second year is 7000+350=7350

:. Amount for second year=PRT/100.

=7350*5*2/100

=£ 735.

:. compound interest =(£350+£735)

=£ 1085.

hope it helps you a lot friend.

thank you very much.

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here's your formula

A=P(1+R/100) to the power t.

ok

p refers to principal

a amount

r rate

and t time.

at last compound interest=A-p(amount- principal)

ok

Answer 2

Step-by-step explanation:

$\implies$ $A=P{\Large(}1+{\Large\frac{r}{100})}^{n}$

$\implies$ $A=7000{\Large(}1+{\Large\frac{5}{100})}^{2}$

$\implies$ $A=7000{\Large(}{\Large\frac{105}{100})}^{2}$

$\implies$ $A=7000×{\Large\frac{21}{20}}×{\Large\frac{21}{20}}$

$\implies$ $A=7717.5$

$\implies$ $CI=A-P$

$\implies$ $\boxed{ CI=717.5}$

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