Question

mohan desposited Rs.4000 in a bank to earn interest at the rate of 9(1/2)% per annum . find the amount which mohan will get from the bank after 2 years. when interest is being compounded annually. how much is the compound interest?

Answer 1

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Principal, P = ₹ 4000

Rate Of Interest, R = 9 ( 1 / 2 ) % = 19 / 2 % p.a.

Time, T = 2 years

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Amount = ₹ 4796.10
Compound Interest = ₹ 796.10

$\small{\boxed{\boxed{\bold{Step-By-Step~ Explanation:}}}}$

Amount, A = P * ( 1 + R/100 ) ^ T
A = 4000 ( 1 + 19/200 ) ^ 2
A = 4000 ( 219 / 200 ) ^ 2
A = 4000 * 219/200 * 219/200
A = 20 * 219 * 219/200
A = 219 * 219/10
A = 47961 / 10
A = ₹ 4796.10

Hence, Amount = ₹ 4796.10
Compound Intrest, CI = A - P
CI = ₹ 4796.10 - ₹ 4000
CI = ₹ 796.10
Compound Interest = ₹ 796.10

Answer 2

Principal, P = ₹ 4000

Rate Of Interest, R = 9 ( 1 / 2 ) % = 19 / 2 % p.a.

Time, T = 2 years

Amount = ₹ 4796.10

Compound Interest = ₹ 796.10

Amount, A = P * ( 1 + R/100 ) ^ T

A = 4000 ( 1 + 19/200 ) ^ 2

A = 4000 ( 219 / 200 ) ^ 2

A = 4000 * 219/200 * 219/200

A = 20 * 219 * 219/200

A = 219 * 219/10

A = 47961 / 10

A = ₹ 4796.10

Hence, Amount = ₹ 4796.10

Compound Intrest, CI = A - P

CI = ₹ 4796.10 - ₹ 4000

CI = ₹ 796.10

Compound Interest = ₹ 796.10