Question

o
A man deposited Rs 5400 in a scheme
which offers interest @ of 10% p. a compounded
annually.Find the
compound interest earned after 2 years
​

Answer 1

Answer:

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Answer 2

A man deposited Rs 5400 in a scheme which offers interest @ of 10% p. a compounded annually, the compound interest earned after 2 years is Rs 1134.

Given,

Principle = P = 5400

Rate of Interest = r = 10%

Time = t = 2years

To find,

Compound interest earned,

Formula to be used,

$Final Amount = P[1+\frac{r}{100} ]^{t}$

$5400[1+\frac{10}{100} ]^{2}\\ \\5400[1.1]^{2} \\\\5400[1.21]\\\\6534$

Compound interest = Final amount - Principle

Compound Interest = 6534 - 5400

Compound Interest = 1134.

Therefore, the compound interest earned after 2 years is Rs 1134.