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Question
Find the compound interest if the amount of a certain principal after two years is ₹ 4036.80 at the rate of 16 p.c.p.a.
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Solution
Here, P = Principal
A = ₹ 4036.80
I = Compound Interest
R = 16 %
N = 2 years
A = P `(1 + "R"/100)^"N"`
= 4036.80 = P `(1 + 16/100)^2`
= 4036.80 = P `(1 + 4/25)^2`
= 4036.80 = P `(29/25)^2`
= P = `(4036.80 xx 25 xx 25)/(29 xx 29)`
= P = 3000
Also,
I = A − P
= 4036.80 − 3000
= 1036.80
Hence, the compound interest is ₹ 1036.80
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