Question

Namita borrows 12000 rupees for 2 years at the rate of 6% interest while interest is compounded annually.find the amount to be paid with compound interest at the end of 2 years?​

Answer 1

Answer: $45

Step-by-step explanation: Interest when paid as Simple Interest

S.I. =  

100

(P×R×T)

​  

 

S.I. =  

100

12000×6×2

​  

 

S.I. =Rs1440

Interest paid when compounded

Amount=Principal(1+  

100

R

​  

)  

Time

 

Amount=12000(1+  

100

6

​  

)  

2

 

Amount=13483.20

Interest = 13483.20−12000=Rs1483.20

If compounded annually more Interest paid = 1483.20−1440=Rs43.20

Rounding off to its nearest integer=43 Rs

Answer 2

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