Question

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Answer 1

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Answer 2

Step-by-step explanation:

Given:-

A sum of Rs.30,000 for a period of 2 years and the compound interest calculated annually at the rate of 6%.

To find:-

Calculate the interest and the total amount?

Answer:-

Principle(P)=Rs.30,000

Time (T)=2 years

If the compound interest calculated annually ,then for two years =2 times

n=2

Rate of interest (R)=6%

we know that

A=P[1+(R/100)]^n

=>A=30000[1+(6/100)]²

=>A=30000[(100+6)/100]²

=>A=30000[106/100]²

=>A=(30000×106×106)/(100×100)

=>A=3×106×106

=>A=33,708

Amount=Rs.33,708

As we know

Interest=Amount-Principle

=>I=33708-30000

=>I=3,708

Interest=Rs.3,708

Answer:-

Compound Interest=Rs. 3,708

Total amount=Rs. 33,708

Used formulae:-

• Amount A=P[1+(R/100)]^n
• Amount=Principle+ Interest
• Interest=Amount - Principle

Here, P=Principle

R=Rate of interest

n=number of times the compound interest is calculated