What would be the compound interest (in Rs.) | vedclass

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Question

(A) The formula for compound interest is $CI = P \left[\left(1+\frac{R}{100}\right)^{n}-1\right]$.Given: Principal $(P)$ = $Rs. 7850$,Rate $(R)$ = $14

Vedclass · Accepted Answer

$2351.86$

Vedclass · Answer

(A) The formula for compound interest is $CI = P \left[\left(1+\frac{R}{100}ight)^{n}-1ight]$.Given: Principal $(P)$ = $Rs. 7850$,Rate $(R)$ = $14\%$,Time $(n)$ = $2$ years.Substituting the values into the formula:$CI = 7850 	imes \left[\left(1+\frac{14}{100}ight)^{2}-1ight]$$CI = 7850 	imes \left[(1.14)^{2}-1ight]$$CI = 7850 	imes [1.2996 - 1]$$CI = 7850 	imes 0.2996$$CI = 2351.86$Thus,the compound interest is $Rs. 2351.86$.

What would be the compound interest (in $Rs.$) accrued on an amount of $Rs. 7850$ at the rate of $14$ $p.c.p.a.$ in $2$ years?

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