Question

What will be the compound interest accrued on a sum of ₹16000/_at a rate of 15% per annum in 2 years?

Answer 1

Answer:

$principle(p) = 16000 \\ rate(r) \: of \: interest = 15\% \: per \: annum \: compounded \\ time(t) = 2years \\ amount = p( \frac{1 + r}{100} )^{t} \\ = 16000( \frac{1 + 15}{100})^{2} \\ = 16000( \frac{115}{100})^{2} \\ = 16000 \times \frac{115}{100} \times \frac{115}{100} \: \\ = 16 \times 115 \times \frac{115}{10} \\ = 16 \times\frac{13225}{10} \\ = \frac{211600}{10} \\ = 21160 \\ compound \: interest = amount - principle \\ = 21160 - 16000 = 5160$

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