Question

Find the principal which will amount to ₹ 4500 in 2 years at the rate of 4%
per annum compounded annually.

Answer 1

Interest for the 1

st

year =Rs

100

4500×10×1

=Rs450

Amount after the 1

st

year =Rs4500+Rs450=Rs4950

Interest for the 2

nd

year =Rs

100

4950×10×1

=Rs495

Amount after the 2

nd

year =Rs4950+Rs495=Rs5445

∴ Compound Interest =Rs5445−Rs4500=Rs945

Answer 2

Answer:

Step-by-step explanation:

Interest for the 1

st

year =Rs

100

4500×10×1

=Rs450

Amount after the 1

st

year =Rs4500+Rs450=Rs4950

Interest for the 2

nd

year =Rs

100

4950×10×1

=Rs495

Amount after the 2

nd

year =Rs4950+Rs495=Rs5445

∴ Compound Interest =Rs5445−Rs4500=Rs945

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