Rohit invested some amount at the rate of 6% | vedclass

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(D) Step $1$: Calculate the principal amount $(P)$ using the simple interest formula: $SI = \frac{P 	imes R 	imes T}{100}$.Given $SI = 8730$,$R = 6$

Vedclass · Accepted Answer

$5994.60$

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(D) Step $1$: Calculate the principal amount $(P)$ using the simple interest formula: $SI = \frac{P 	imes R 	imes T}{100}$.Given $SI = 8730$,$R = 6$,$T = 3$.$8730 = \frac{P 	imes 6 	imes 3}{100} \implies P = \frac{8730 	imes 100}{18} = 48500$.Step $2$: Calculate the compound interest $(CI)$ for $2$ years using the formula: $CI = P \left[ (1 + \frac{R}{100})^T - 1 ight]$.$CI = 48500 \left[ (1 + \frac{6}{100})^2 - 1 ight]$.$CI = 48500 \left[ (1.06)^2 - 1 ight] = 48500 \left[ 1.1236 - 1 ight]$.$CI = 48500 	imes 0.1236 = 5994.60$.Thus,the compound interest is ₹ $5994.60$.

Rohit invested some amount at the rate of $6\%$ per annum and at the end of $3$ years he received ₹ $8730$ as simple interest. How much compound interest (in ₹) will he receive on the same amount and same rate of interest after $2$ years?

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