Question

3. Find the compound interest on the sum of Rs 20.000. If the rates of interest
for the 3 years are 2%, 4% and 5% respectively​

Answer 1

The amount at the end of “n" years of Investing in compound interest,

\( \Large A=P \left(1+\frac{r}{100}\right)^{n} \)

Here, the Principal P = 20,000, number of years n = 2, rate of interest r = 20%.

Therefore, Amount \( \Large A=20000 \left(1+\frac{20}{100}\right)^{2}=20000 \left(\frac{36}{25}\right) \) = Rs.28,800.

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