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
At what rate percent per annum will Rs. 7200 amount to Rs. 7938 in one year, if interest is compounded half yearly?
What is the compound interest (in Rs.) on a sum of Rs. 8192 for \(1 \frac{1}{4}\) years at 15% per annum, if interest is compounded 5-monthly ?
What is the difference (in Rs.) between the interests on Rs. 50,000 for one year at 8% per annum compounded half yearly and yearly?
A sum of money becomes Rs. 11,880 after 4 years and Rs. 17,820 after 6 years on compound interest, if the interest is compounded annually. What is the half of the sum (in Rs.)?
A sum invested at compound interest amounts to Rs. 7,800 in 3 years and Rs. 11,232 in 5 years. What is the rate per cent?
