If Rs. 6400 is invested at 6¼% pa. compound interest then find (i) the amount after 2 years. (ii) the interest earned in 2 years.
Answers
Answer:
Amount earned in 2 years is Rs. 7191.04 and interest earned in 2 years is Rs. 91.04.
Step-by-step explanation:
Since we have given that
Sum = Rs. 6400
Rate of interest = 6% p.a.
Time = 2 years
So, Amount after 2 years would be
\begin{gathered}A=P(1+\dfrac{r}{100})^n\\\\A=6400(1+\dfrac{6}{100})^2\\\\A=6400(1+0.06)^2\\\\A=6400(1.06)^2\\\\A=7191.04\end{gathered}
A=P(1+
100
r
)
n
A=6400(1+
100
6
)
2
A=6400(1+0.06)
2
A=6400(1.06)
2
A=7191.04
Interest earned in 2 years would be
Amount - Principal
\begin{gathered}7191.04-6400\\\\=Rs.\791.04\end{gathered}
7191.04−6400
=Rs.\791.04
Hence, amount earned in 2 years is Rs. 7191.04 and interest earned in 2 years is Rs. 91.04.
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