Question

*What is the amount for Rs. 10000 by compound interest at 8% rate for 2 years?*

1️⃣ ₹ 5000
2️⃣ ₹ 11664
3️⃣ ₹ 15664
4️⃣ ₹ 10664​

Answer 1

Answer:

• Amount = Rs. 11664

Step-by-step explanation:

Given:

• Principal amount (P) = Rs. 10000
• Rate of interest (r) = 8%
• Time (n) = 2 years

To Find:

• Amount (A)

Formula used:

$\implies{\sf{Amount\;(A)=P\Bigg(1+\dfrac{r}{100}\Bigg)^{n}}}$

Put the values in the formula,

$\implies{\sf{Amount\;(A)=P\Bigg(1+\dfrac{r}{100}\Bigg)^{n}}}$

$\implies{\sf{Amount\;(A)=10000\Bigg(1+\dfrac{8}{100}\Bigg)^{2}}}$

$\implies{\sf{Amount\;(A)=10000\Bigg(\dfrac{100+8}{100}\Bigg)^{2}}}$

$\implies{\sf{Amount\;(A)=10000\Bigg(\dfrac{108}{100}\Bigg)^{2}}}$

$\implies{\sf{Amount\;(A)=10000\Big(1.08 \Big)^{2}}}$

$\implies{\sf{Amount\;(A)=10000\times 1.08\times 1.08}}$

$\implies{\boxed{\sf{Amount\;(A)=Rs.\;11664}}}$

Answer 2

Given :-

• Principal = Rs.10000
• Rate = 8% per annum compounded annually .
• Time = 2 years.

To Find :-

• Amount = ?

Solution :-

we know that, when rate is compounded annually,

• Amount = Principal * [1 + (Rate/100)]^ time

putting values we get,

→ Amount = 10000 * [1 + (8/100)]²

→ Amount = 10000 * [1 + (2/25)]²

→ Amount = 10000 * (27/25)²

→ Amount = 10000 * (27 * 27 /25 * 25)

→ Amount = (10000 * 729) / 625

→ Amount = Rs.11664 (Option 2) (Ans.)

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