Question

10. Calculate the amount and CI on Rs. 3000 at 5% per annum for 2 years

pls show working

Answer 1

Answer:

Step-by-step explanation:

Given;

Principal, p = Rs.3000

Rate, r  = 5 %

Time, t = 2 years

We know that,

Amount, A = p\times \left ( 1 + \frac{r}{100} \right )^t

A = 3000 \times \left ( 1 + \frac{5}{100} \right )^2

A = 3000\times \left ( 1 + \frac{1}{20} \right )^2

A = 3000 \times \left (\frac{ 21 + 1}{20} \right )^2

A = \frac{3000\times 21 \times 21}{20\times 20}

A = \frac{1323000}{400}

A = 3307.5

Then , compound interset = 3307.5 - 3000

= 307.5

Compound interset is 307.5