what is the amount for Rs. 10000 by compound interest at 8% rate for 2 years ?
Answers
Answer:
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}}}⟹Amount(A)=P(1+
100
r
)
n
Put the values in the formula,
\implies{\sf{Amount\;(A)=P\Bigg(1+\dfrac{r}{100}\Bigg)^{n}}}⟹Amount(A)=P(1+
100
r
)
n
\implies{\sf{Amount\;(A)=10000\Bigg(1+\dfrac{8}{100}\Bigg)^{2}}}⟹Amount(A)=10000(1+
100
8
)
2
\implies{\sf{Amount\;(A)=10000\Bigg(\dfrac{100+8}{100}\Bigg)^{2}}}⟹Amount(A)=10000(
100
100+8
)
2
\implies{\sf{Amount\;(A)=10000\Bigg(\dfrac{108}{100}\Bigg)^{2}}}⟹Amount(A)=10000(
100
108
)
2
\implies{\sf{Amount\;(A)=10000\Big(1.08 \Big)^{2}}}⟹Amount(A)=10000(1.08)
2
\implies{\sf{Amount\;(A)=10000\times 1.08\times 1.08}}⟹Amount(A)=10000×1.08×1.08
\implies{\boxed{\sf{Amount\;(A)=Rs.\;11664}}}⟹
Amount(A)=Rs.11664
Answer:
11664
Step-by-step explanation:
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
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