Question

Jayanti borrowed a sum of 16000 to purchase a washing machine at the rate of 5% per annum compounded annually for two year. Calculate the amount she will have to pay after two year and also find the interest

Answer 1

principa-16000
time-2 year
rate-5%

amount= p(1+r/100)^t
a=16000(1+5/100)^2
=16000(105/100)^2
=16000(21/20)^2
=16000×441/400
=Rs.17640

interest =a-p
17640-16000
=Rs.1640

Answer 2

Step-by-step explanation:

Principal = ₹16000

Rate = 5%

Time period = 2 year

Therefore, Amount =

$princpal(1 + \binom{rate}{100} )^{2 }$

Amount = 16000 (1+ 5/100)^2

A = 16000(105/100)^2

A = ₹17640

Compound interest = A-P

=17640 - 16000

= ₹ 1640