What is the compound interest on 7500 at 4% per annum for 2 years compounded annually?
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In particular you used (.02) there. The problem stated however "4% per annum", so you should have used (.04) instead. 7500(.04) = 300 7800(.04) = 312 300+312 = 612 Your answer and method would have been correct if the problem read "Find compound interest on 7500 dollars at 2% per annum for 2 years, compounded annually." or if it read as "Find compound interest on 7500 dollars at 4% per annum for 1 year, compounded semi-annually." Edit: In response to your question on how to interpret the answer key's solution. [7500(1 + 4/100)2], although poorly typed is meant to be $7500\cdot(1+\frac{4}{100})^2$
In this case, $P=7500$, $r=.04$, $n=1$, and $y=2$, and $F$ is unknown. So, by the formula above, $F=7500(1+.04)^2$. With a bit of arithmetical simplifications, $=7500(1.04)^2 = 7500(\frac{26}{25}\cdot\frac{26}{25})$ Often times you will see the formula rewritten as $F = P(1+i)^t$ where $i$= interest rate per payment period = $\frac{r}{n}$, and $t$ = number of payment periods = $n\cdot y$. Free Important Civilization in Rajasthan 15 Questions 15 Marks 10 Mins Given: Principal (P) = Rs. 7500 Rate % (R)= 4% per annum Time Period (T) = 2 years Formula Used: \({\rm{Amount}} = {\rm{P}}{\left[ {1 + \;\frac{R}{{100}}} \right]^T}\;\) Calculation: \({\rm{Amount}} = 7500{\left[ {1 + \;\frac{4}{{100}}} \right]^2}\;\) ⇒ Amount = 7500 × [104/100]2 ⇒ (7500 × 26 × 26)/(25 × 25) ⇒ 12 × 676 = Rs. 8112 ∴ The Amount After 2 years will be Rs. 8112 Latest RSMSSB Forest Guard Updates Last updated on Oct 29, 2022 The RSMSSB Forest Guard Admit Card is out. For Forester Post, admit cards can be downloaded from 28th October 2022 and for Forest Guard, admit cards will be available from 4th November 2022. The exam for Forester will be conducted on 6th November 2022 and the exam for Forest Guard will be conducted on 12th & 13th November 2022. Total vacancies have been increased to 2399. The selection process consists of 5 stages i.e. Written Test, Physical Standard & Efficiency Test (PST & PET), Interview, Medical Examination, and finally Document & Character Verification. The candidates must also go through the RSMSSB Forest Guard Previous Years’ Paper. Ace your Interest preparations for Compound Interest with us and master Quantitative Aptitude for your exams. Learn today! No worries! We‘ve got your back. Try BYJU‘S free classes today! Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today! Solution The correct option is CRs.612Using the formula A = P(1+r100)n and substituting P = ₹ 7500 , t = 2 years , r = 4 p.a , we haveA = ₹7500× (1+ 4100)2 =₹7500× 2625× 2625= ₹8112.C.I = A - P ∴ C.I.= ₹8112−7500 =₹612.Solve Textbooks Question Papers What will be the compound interest on Rs 7500 at 4% per annum for 2 years compounded annually a RS 612 B RS 712 C RS 812 D RS 912?Compound Interest = Rs. (8112−7500)= Rs. 612.
What is the formula of compound interest for 2 years?For 2 years, T = 24. If interest is compounded half yearly, rate of interest = R / 2 and A = P [ 1 + ( {R / 2} / 100 ) ]T, where 'T' is the time period. For example, if we have to calculate the interest for 1 year, then T = 2. For 2 years, T = 4.
What is the compound interest on 3000 at 6% for 2 years?Detailed Solution
∴ The compound interest for 2 years is Rs. 1320.
What is CI on Rs 7500 for 4 years if the rate of interest is 10% pa for the first 2 year and 20% pa for the next 2 year?CI=5568 INR.
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