What will be the compound interest (in ₹) on a sum of ₹30,000 after two years at a rate of 16% per annum compounded annually?
10,368
To find the compound interest on a sum of ₹30,000 after two years at an annual interest rate of 16% compounded annually, we will use the formula for compound interest:
CI = P(1 + r/100)n - P
Where:
- P = Principal = ₹30,000
- r = Rate of Interest = 16%
- n = Time Period = 2 years
First, calculate the amount (A) after 2 years using the compound interest formula:
A = 30000(1 + 16/100)2
A = 30000(1.16)2
Calculating further:
A = 30000 × 1.3456
A = ₹40,368
Now, calculate the compound interest (CI):
CI = A - P
CI = 40,368 - 30,000
CI = ₹10,368
Thus, the compound interest after two years is ₹10,368.
Important Questions from Compound Interest
The certain sum amounts to Rs. 9,982.50 in \(2\frac{1}{2}\) years at 12% p.a., interest compounded 10-monthly. The sum (in Rs.) is:
The difference between the simple interest and the compound interest compounded annually on a certain sum of money for 2 years at a rate of 8% per annum is Rs. 16.80. Find the principle amount.
If a sum of ₹ 2000 is lent at 10% p.a. compound interest, what is the interest for the second year?
A sum becomes 5 times of itself in 3 years. at compound interest (interest is compounded annually). In how many years. will the sum becomes 125 times of itself?
If the compound interest on a certain sum of money for two years at 9% p.a. is Rs. 3,762, then the sum is:
