In how much time will Rs 10000 amounts to Rs. 10,600:00 with simple interest .rate of interest is 6%. With the same time period find the compound interest rate.
| amount in Rs. |
year |
interest rate= 6/100=0.06 |
interest |
total |
|
|
| 10000 |
after 1st year |
0.06 |
600 |
10600 |
|
|
| 10000 |
after 2 year |
0.06 |
600 |
10600 |
|
|
| 10000 |
after 3 year |
0.06 |
600 |
10600 |
|
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|
|
1800 |
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| After three
years Rs 10000.00 will become Rs.11800 .00. Total interest received is Rs.
1800.00 |
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| While
calculating with compound interest |
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|
|
| amount in Rs. |
year |
interest rate= 6/100=0.06 |
interest |
total |
|
|
| 10000 |
after 1st year |
0.06 |
600 |
10600 |
|
|
| 10600 |
after 2 year |
0.06 |
636 |
11236 |
|
|
| 11236 |
after 2 year |
0.06 |
674.16 |
11910.16 |
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| With
compound interest rate , interest received
Rs. |
1910.16 |
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