Question

Hey guys. pls give the answer of this question- "Find the compound interest on Rs. 7000 at 8% per annum for 2 3/4 years."

Answer 1

Answer:

3124.352

Step-by-step explanation:

Given, Principal = 7000, R = 8% p.a, Time (n) = 2 (3/4) years.

Amount after 2 years:

A = P(1 + r/100)ⁿ

  = 7000(1 + 8/100)²

 = 7000(108/100)²

 = 7000(1.08)²

 = 8164.8

So, amount after 2 years = 8164.8.

Now, principal = 8164.8

Simple interest for (3/4) years:

= PRT/100

= (8164.8 * 8 * 3)/400

= 1959.552

So, Amount after (3/4) years = 8164.8 + 1959.552

                                               = 10124.352

∴ CI = A - P

 

      = 10124.352 - 7000

 

      = 3124.352

∴ Therefore,Compound Interest is 3124.352.

Hope it helps!

Answer 2

Given, Principal = 7000, R = 8% p.a, Time (n) = 2 (3/4) years.

Amount after 2 years:

A = P(1 + r/100)ⁿ

  = 7000(1 + 8/100)²

 = 7000(108/100)²

 = 7000(1.08)²

 = 8164.8

So, amount after 2 years = 8164.8.

Now, principal = 8164.8

Simple interest for (3/4) years:

= PRT/100

= (8164.8 * 8 * 3)/400

= 1959.552

So, Amount after (3/4) years = 8164.8 + 1959.552

                                               = 10124.352

∴ CI = A - P

 

      = 10124.352 - 7000

 

      = 3124.352

∴ Therefore,Compound Interest is 3124.352.