Question

The amount received on investing 1000 at 6\% per annum compound interest for one year is​

Answer 1

Answer:

Given : Principle amount - 1000

            Rate of interest -  6 %

             Term - 1 yr

          Compounded amount = P * (1 + r/100 ) ^n

                                               = 1000 * (1 + 6/100) ^1

                                               = 1000 * 1.06

                                               = 1060 Rs