Question

Rs. 5000 deposited into PNB for 2 years at 7 percent rate of interest compounded annually| Rs. 5000 deposited into PNB for 2 years at 7 percent rate of interest compounded semi- 2. annually| Rs. 5000 deposited into PNB for 2 years at 7 percent rate of interest compounded 3. quarterly. [10 Marks]​

Answer 1

Answer:

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Answer 2

Answer:

The total amount at the end of the 2 years is Rs. 5,737.62.

Step-by-step explanation:

Compound interest is interest on a deposit calculated on the basis of both the initial principal and the accumulated interest from previous periods.1 Or more simply, compound interest is the interest you earn from the interest. You can compound interest according to different frequency schedules, such as daily, monthly, or annually.

The higher the number of compounding periods, the greater the compound interest. Think of it as a snowball. The earlier you start saving and the more money you add to your snowball, the bigger it will grow. Think about pushing a snowball down a snowy hill. Now the snow you've already packed will remain and you'll accumulate more snow. Eventually, when your snowball reaches the bottom of the hill, it will contain the snow you started with, the snow it picked up along the way, and even more snow on top.

The compound interest is Rs.737.62

And the total amount at the end of 2 years is Rs. 5,737.62.

Amount deposited, P = Rs. 5000

Interest rate, R = 7% [ compounded semiannually ]

Time period, t = 2 years

Find:

Find the total amount at the end of 2 years

Solution:

Formula used:

The formula for the Amount in case of compound interest is given

$A = P (1 + r/n)^{nt}$

From the given data

P = Principal = Rs. 5000

r = interest rate = 7% = 7/100 = 0.07

n = Number of compounds = 2 [ 2 per year ]

Therefore,

The amount can be calculated below

Amount = $5000 (1 + 0.07/2)^2$

= $5000 (1 + 0.035)^4$

= $5000 (1.035)^4$

= 5,737.62

Amount = Rs. 5,737.62

And Compound Interest = Amount – Principal Amount

Compound interest = Rs. 5,737.62 - Rs. 5000 = Rs.737.62

Therefore,

The compound interest is Rs.737.62

And the total amount at the end of 2 years is Rs. 5,737.62.

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