Question
Download Solution PDFWhat will be compound interest (in Rs.) on a sum of Rs. 10,000 at the rate of 5% p.a. after 2 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = Rs. 10,000
Rate of interest (R) = 5% per annum
Time (T) = 2 years
Formula Used:
Compound Interest (CI) = P × (1 + R/100)T - P
Calculation:
CI = 10,000 × (1 + 5/100)2 - 10,000
CI = 10,000 × (1 + 0.05)2 - 10,000
CI = 10,000 × (1.05)2 - 10,000
CI = 10,000 × 1.1025 - 10,000
CI = 11,025 - 10,000
CI = 1,025
The compound interest is Rs. 1,025.
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