What would be the compound interest (in ₹) ac | vedclass

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Question

(D) The formula for compound interest is $CI = P \left[ \left( 1 + \frac{R}{100} \right)^n - 1 \right]$.Given: Principal $(P) = ₹ 7400$,Rate $(R) = 13

Vedclass · Accepted Answer

$2132.87$

Vedclass · Answer

(D) The formula for compound interest is $CI = P \left[ \left( 1 + \frac{R}{100} ight)^n - 1 ight]$.Given: Principal $(P) = ₹ 7400$,Rate $(R) = 13.5\%$,Time $(n) = 2$ years.Substituting the values:$CI = 7400 \left[ \left( 1 + \frac{13.5}{100} ight)^2 - 1 ight]$$CI = 7400 \left[ (1.135)^2 - 1 ight]$$CI = 7400 \left[ 1.288225 - 1 ight]$$CI = 7400 	imes 0.288225$$CI = ₹ 2132.865$Rounding off to two decimal places,we get $CI = ₹ 2132.87$.

What would be the compound interest (in ₹) accrued on an amount of ₹ $7,400$ at $13.5$ $p.c.p.a.$ at the end of two years? (rounded off to two digits after decimal)

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