Question

1. Find the compound interest and amount in
each of the following:
(i) P=3000, R = 5% p.a., Time = 2 years ​

Answer 1

Answer:

Rs.307.50

Step-by-step explanation:

Principal (P) = Rs.3000

Rate (R) = 5% p.a.

Time (n) = 2 years

Amount (A) = P (1 + R/100)ⁿ

=> A = 3000 (1 + 5/100)²

=> A = 3000 (21/20)²

=> A = Rs.3307.50

Compound Interest = Rs.(3307.50-3000) = Rs.307.50