Find the compound interest on Rs. 1000 for two years at 4% per annuall.​

Question

Find the compound interest on Rs. 1000 for two years at 4% per annuall.​

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Amaya 5 months 2021-06-30T08:43:00+00:00 1 Answers 0 views 0

Answers ( )

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    2021-06-30T08:44:07+00:00

    Answer :

    • The compound interest is Rs 81.6.

    To find :

    • The compound interest on Rs 1000 for two years at 4% per annum.

    Solution :

    • Before finding the compound interest, let’s find the amount!

    We know that :

     \underline{ \boxed{\sf Amount = Principal \left(1 + \dfrac{Rate}{100} \right)^{Time}}}

    Here,

    • Principal = Rs 1000.
    • Rate = 4% per annum.
    • Time = 2 years.

    Therefore :

     \longrightarrow\rm Amount = 1000 \left( 1 + \dfrac{4}{100}  \right)^{2}

     \longrightarrow\rm Amount = 1000 \left(1  +  \dfrac{1}{25} \right)^{2}

     \longrightarrow\rm Amount = 1000 \left( \dfrac{1 \times 25 + 1 \times 1}{25}  \right)

     \longrightarrow\rm Amount = 1000 \left(  \dfrac{25 + 1}{25} \right)^{2}

     \longrightarrow\rm Amount = 1000 \left(  \dfrac{26}{25} \right)^{2}

     \longrightarrow\rm Amount = 1000 \times  \dfrac{26}{25} \times  \dfrac{26}{25}

     \longrightarrow\rm Amount =  1000 \times \dfrac{676}{625}

     \longrightarrow\rm Amount =  \dfrac{676000}{625}

     \longrightarrow\overline{ \boxed{ \rm Amount = Rs \: 1081.6}}

    • Now, let’s find the compound interest!

    We know that :

     \underline{ \boxed{ \sf CI = Amount - Principal}}

    Where,

    • CI = Compound Interest.

    Here,

    • Amount = Rs 1081.6.
    • Principal = Rs 1000.

    Therefore,

     \longmapsto\bf CI = 1081.6 - 1000

     \longmapsto\bf CI = Rs \: 81.6

    ________________________________

    Hence :

    • The compound interest is Rs 81.6.

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