Which will earn more interest and by how much?
(a) ₹6000 lent at 12% p.a. compounded annually for 3/2.
Answers
Answer:
1123.20
Step-by-step explanation:
principal=6000
rate=12%
time=3/2years
SI=P*R*T/100=
SI=6000*12*3/2
/100
SI=60*12*3/2
Amount=P+SI
=1123.20Ans
Hope it will help you
Answer:
₹6000 lent at 12% p.a. compounded annually for 3/2 years would earn an interest of ₹1768.32.
Step-by-step explanation:
To calculate the interest earned on ₹6000 lent at 12% p.a. compounded annually for 3/2 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal amount
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the time period (in years)
In this case, P = ₹6000, r = 12% p.a. = 0.12, n = 1 (since the interest is compounded annually), and t = 3/2 years.
So, using the formula:
A = ₹6000(1 + 0.12/1)^(1*(3/2))
A = ₹6000(1.06)^2.5
A = ₹7768.32 (rounded to the nearest paisa)
The interest earned would be:
Interest = A - P
Interest = ₹7768.32 - ₹6000
Interest = ₹1768.32 (rounded to the nearest paisa)
Therefore, ₹6000 lent at 12% p.a. compounded annually for 3/2 years would earn an interest of ₹1768.32.
To learn more about simple interest: https://brainly.com/question/1173061
To learn more about compound interest: https://brainly.in/question/53078179
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