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Class 11

>>Applied Mathematics

>>Basics of financial mathematics

>>Accumulation with simple and compound interest

>>Calculate the amount and compound intere

Question

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Calculate the amount and compound interest for Rs. 12,000 for 2 years at 10% compounded annually.

Medium

Solution

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Here P=12,000 Rs., n=2 years, R=10

Amount(A)=P(1+

100

R

)

n

=12000(1+

100

10

)

2

=12000(

10

11

)

2

=

100

12000×121

=14,520 Rs.

Compound interest(C.I)=A−P=14,520−12,000=2520

Hence, the compound interest is Rs. 2,520

Answer:

Rs. 2,520

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