Question

Shankar takes a loan of $10,000 at a compound interest rate of 10% per annum (p.a.)
1)Find the compound interest after one year.

Answer 1

Answer:

$1000

Step-by-step explanation:

Hi!

As we all know, C.I (Compound Interest) = P(1+R/100)^n-P

Here, P = Principal

         R = Rate Of Interest

         n = Time Period

C.I = P(1+R/100)^n-P

     =10000(1+10/100)^1-10000

     =10000(110/100)^1-10000

     =10000(11/10)-10000

     =11000-10000

     =$1000

Thus, the answer is $1000.

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