Question

Prachi Won cash price of rupees 1600 for standing first in 8th standard she invested that amount as term deposit in bank for 2 years at the rate of compound interest of 6 pcpa what is the amount and that she will recieve from the bank at the end of the term.​

Answer 1

Given

• Principal = ₹ 1600
• Time = 2 Years
• Rate (r) = 6%

Explanation:

We can use Amount Formula to find the desired results as:-

$\maltese {\large{\pmb{\boxed{\sf{ Amount = p \left( 1+ \dfrac{r}{100} \right)^n }}}}} \\ \\ \\ \colon\implies{\sf{ Amount = 1600 \left( 1+ \dfrac{6}{100} \right)^2 }} \\ \\ \\ \colon\implies{\sf{ Amount = 1600 \left( \dfrac{53}{50} \right)^2 }} \\ \\ \\ \colon\implies{\sf{ Amount = 1600 \left( \dfrac{53}{50} \times \dfrac{53}{50} \right) }} \\ \\ \\ \colon\implies{\sf{ Amount = 16 \cancel{00} \times \dfrac{53}{5 \cancel{0} } \times \dfrac{53}{5 \cancel{0} } }} \\ \\ \\ \colon\implies{\sf{ Amount = 16 \times \dfrac{53}{5} \times \dfrac{53}{5} }} \\ \\ \\ \colon\implies{\sf{ Amount = \cancel{ \dfrac{44944}{25} } }} \\ \\ \\ \colon\implies{\pmb{\boxed{\sf{ Amount = Rs. \ 1797.76 }}}}$

Hence,

• She Received amount after two Years will be ₹ 1797.76

More to Know

• n = Time
• r = Rate
• p = Principal
• Amount = Principal + Interest