Calculate the amount when P= 1000 R = 10% per annum (compounded annually) Time
2 years
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Principal P = Rs. 1000
R =10% per annum and n=2 years
∴ Amount after 2 years = P (1+
200
R
)
2n
= Rs. 1000×(1+
200
10
)
2×2
=Rs.1000×(1+
20
1
)
4
=Rs.1000×(
20
21
)
4
= Rs.1000×
20
21
×
20
21
×
20
21
×
20
21
=Rs.1215.50
Hence, compound interest = Amount - Principal
=Rs.1215.50−Rs.1000=Rs.215.50
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