Question

Mukesh deposit a sum of rupees 14000 in a bank 2 years compounded annually at 6% per annum what are the compound interest he gets​

Answer 1

Answer:

Mukesh deposit a sum of 14,000 in a bank for 2 years, compounded annually at 6% per annum Find the compound interest he gets. Please can I get a step by step explaination with correct statements. The answer should be Rs 1730.40.

Answer 2

Given -

Mukesh deposit a sum of rupees 14000 in a bank 2 years compounded annually at 6% per annum what are the compound interest he gets

To find -

What amount will mukesh receive from bank at the end of the 2 year ?

Solution -

• Principal (P) = Rs.14000
• Rate of interest (R) = 6%
• Time (n) = 2

According to the formula

→ Amount = P(1 + R/100)ⁿ

→ A = 14000(1 + 6/100)ⁿ

→ A = 14000(50+ 3/50)²

→ A = 14000 × (53/50)²

→ A = 14000 × 53/50× 53/50

→ A = 5.6 × 53 × 53

→ A = Rs.15,730.4

→ Amount = Rs. 15,730.4

now

Compound interest = ( Amount - principal )

= Rs ( 15,730.4 - 14000 )

= Rs 1,730.4

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