Question

The compound interest on Rs. 1000 for 5 years at 8% p.a is​

Answer 1

Answer:

Intrest : 400

Step-by-step explanation:

Rs : 1000

Time : 5

Rate (p.c.p.a.) : 8%

Hence, interest :

= 8 × 5

= 40

So 40% of 1000 is 400

Hence, interest = 400 rs.

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Answer 2

Given: Principal = Rs. 1,000

           Time = 5 years and Rate of interest = 8% p.a

To find: Compound Interest

Solution: Given that,

Principal (P) = Rs. 1,000

Time (n) = 5 years

Rate of Interest (R) = 8% p.a

To calculate compound interest, first we need to calculate the amount (A) at the end of 5 years.

∵ $Amount = P(1 \ + \ \frac{R}{100}) ^{n}$

⇒ $1000(1 \ + \ \frac{8}{100}) ^{5}$

⇒ $1000(\frac{108}{100}) ^{5} = 1000*\frac{27}{25}*\frac{27}{25}*\frac{27}{25}*\frac{27}{25}*\frac{27}{25}$

⇒ Rs. 1,469.33 (approx.)

∵ $Compound \ Interest = Amount - Principal$

⇒ $1,469.33 - 1,000 = 469.33$

Hence, compound interest on Rs. 1,000 for 5 years at 8% p.a is Rs. 469.33 (approx.).