Question

How much will a sum of 6300 amount to in a span of 2 years at 5pcpa rate of compound interest (rounded off to the nearest integer) ​

Answer 1

Answer:

CI = 645.75      

Rounding off to the nearest integer = 645.75 ⇒ 646

Step-by-step explanation:

CI = P(1+r/100)ⁿ

P = 6300

r = 5%

n = 2

A = 6300(1+5/100)²

6300(1+5/100)² = 6300(20/20 + 1/20)²

                         = 6300 × 21/20 × 21/20

                     A = 6945.75

                     A = P + I

                      I = A - P

                      I = 6945.75 - 6300

                    CI = 645.75      

Rounding off to the nearest integer = 645.75 ⇒ 646

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