Question

how much compound interest is earned by investing 20,000 for 6 years at 5% per annum compounded annually?​

Answer 1

Answer:

➭ $\blue{\textit{compound interest}}$=6801.90

Step-by-step explanation:

➭we have given that,

principal(p) = 20,000

➭for the time of 6 years. Time (t) = 6 years

rate of interest (r) = 5%

number of time interest paid (n)= 6

Using the formula of amount ,

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

➭A= 20000 ( 1 + 5/100)^6

A= 20000 (21 / 20)^6

A = Rs.26801.91

➭Now we have compound interest ,

for compound interest

➭Compound interest = Amount - Principal

compound interest = 26801.91 - 20000

= Rs.6801.90

➭So, compound interest is earned by investing 20,000 for 6 years at 5% per annum compounded annually

is Rs. 6801.90.

Answer 2

Answer:

Answer:

➭ \blue{\textit{compound interest}}compound interest =6801.90

Step-by-step explanation:

➭we have given that,

principal(p) = 20,000

➭for the time of 6 years. Time (t) = 6 years

rate of interest (r) = 5%

number of time interest paid (n)= 6

Using the formula of amount ,

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

➭A= 20000 ( 1 + 5/100)^6

A= 20000 (21 / 20)^6

A = Rs.26801.91

➭Now we have compound interest ,

for compound interest

➭Compound interest = Amount - Principal

compound interest = 26801.91 - 20000

= Rs.6801.90

➭So, compound interest is earned by investing 20,000 for 6 years at 5% per annum compounded annually

is Rs. 6801.90.

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