Question

Calculate the compound interest on ₹ 15,000 for 2 years at 6 % p.a.

Answer 1

Answer:

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Answer 2

Given,

P = ₹ 15,000

T = 2 years

R = 6 % p.a.

Aim:

To find compound interest

Formulae:

$P ({1 + \frac{R}{100} )}^{n}$

Solution :

$15000 ({1 + \frac{6}{100} )}^{2}$

$15000 \times 1.06 \times 1.06$

$₹ \: 16854$

Ans : Compound interest is ₹ 16854