What will be the compound interest earned on rs-750 invested at 12% per annum for 8 year
Answers
Step-by-step explanation:
P = 750
R = 12% per annum = 6% half yearly
n= 1 year = 2 half year
Amount = A
A= P ( 1 + R / 100 )n
A = 750 ( 1 + 6 + 100 ) ²
A = 842.7
Amont = 842.7
Compound interests half yearly is 842.7 - 750 = 92.7
Answer:
The compound interest earned on ₹750 invested at 12% per annum for 8 years is ₹1856.972.
Step-by-step explanation:
Given,
Principle, P = 750
Rate, R = 12%
Time, t = 8 years
Compound Interest, CI = P(1 + R/100)^t
⇒ CI = 750(1 + 12/100)⁸
⇒ CI = 750×(1.12)⁸
⇒ CI = 750×2.476
⇒ CI = ₹1856.972
Therefore, the compound interest earned on ₹750 invested at 12% per annum for 8 years is ₹1856.972.
Compound interest is similar to multiplying the funds in your bank account. Earning compound interest is actually beneficial since you gain more than just simple interest on a particular amount of money. The interest that is accrued on both the principal (the initial sum) and interest already paid is known as compound interest. Additionally, it keeps growing every year. Let's examine the chapter in more detail to see how compound interest is used to make money grow exponentially each year.
To learn more about the compound interest, click on the link below:
https://brainly.in/question/1128320
To learn more about the Principle, click on the link below:
https://brainly.in/question/49353677
#SPJ2