Also find the compound interest.

What sum will amount to ₹ 28090 in two years at 6% per annum compound interest? Also find the compound interest.

Solution:

It is given that
Amount (A) = ₹ 28090
Rate (r) = 6% p.a.
Period (n) = 2 years
We know that
P = A ÷ (1 + r/100)ⁿ
Substituting the values
= 28090 ÷ (1 + 6/100)²
By further calculation
= 28090 ÷ (53/50)²
So we get
= 28090 × 50/53 × 50/53
= ₹ 25000
Here
Amount of CI = A – P
Substituting the values
= 28090 – 25000
= ₹ 3090

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