If you lend ₹4,000 to your friend for 2 years at 5% annual compound interest rate, then how much amount (in ₹) will your friend return after 2 years?
If you lend ₹4,000 to your friend for 2 years at 5% annual compound interest rate, then how much amount (in ₹) will your friend return after 2 years?
यदि आप अपने मित्र को 5% वार्षिक चक्रवृद्धि ब्याज दर पर 2 वर्ष के लिए ₹4,000 देते हैं तो 2 वर्ष बाद आपका मित्र कितनी धनराशि (₹ में) लौटाएगा?
Detailed Solution & Logic
Correct Answer:
4,410
Solution:
Principal $P = 4000$
Rate $R = 5%$ per year
Time $T = 2$ years
Compound amount formula:
$A = P \left(1 + \frac{R}{100}\right)^T$
Substitute values:
$A = 4000 \left(1 + \frac{5}{100}\right)^2$
$= 4000 \times (1.05)^2$
$= 4000 \times 1.1025$
$= 4410$
Final Answer: ₹ 4,410
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