What will be the compound interest on 7500 at 4% per annum for 2 years?
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Hint – In this problem use the direct formula for compound interest that is $A = P{\left( {1 + \dfrac{r}{{100}}} \right)^t}$where r is the rate that is 4%. Take the principal amount as Rs. 7500. This will help getting the value of A directly, then the compound interest will simply be the subtraction of A and the principal value. Complete step-by-step answer: Note – There is always a confusion regarding the basics of simple interest and compound interest. Simple interest is calculated on the principal or original amount of a loan whereas compound interest is calculated on the principal amount and also on the accumulated interest of previous periods and thus it can also be termed as interest of interests. This discussion on Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.a)Rs 512b)Rs 552c)Rs 612d)Rs 622Correct answer is option 'C'. Can you explain this answer? is done on EduRev Study Group by Class 7 Students. The Questions and Answers of Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.a)Rs 512b)Rs 552c)Rs 612d)Rs 622Correct answer is option 'C'. Can you explain this answer? are solved by group of students and teacher of Class 7, which is also the largest student community of Class 7. If the answer is not available please wait for a while and a community member will probably answer this soon. You can study other questions, MCQs, videos and tests for Class 7 on EduRev and even discuss your questions like Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.a)Rs 512b)Rs 552c)Rs 612d)Rs 622Correct answer is option 'C'. Can you explain this answer? over here on EduRev! Apart from being the largest Class 7 community, EduRev has the largest solved Question bank for Class 7. 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. Stay updated with the Quantitative Aptitude questions & answers with Testbook. Know more about Interest and ace the concept of Compound Interest. |