Question

Calculate the compound interest on Rs 18,000 in 2yrs at 15 percent per annum

Answer 1

The compound interest is Rs. 5,805.

Step-by-step explanation:

The formula to compute the amount in case of a compound interest is:

$A=P[1+\frac{r}{100}]^{n}$

Given:

P = Rs. 18000

r = 15%

n = 2 years

Compute the amount as follows:

$A=P[1+\frac{r}{100}]^{n}\\=18000\times [1+\frac{15}{100}]^{2}\\=18000\times (1.15)^{2}\\=23805$

Compute the compound interest as follows:

$Interest=A-P\\=23805-18000\\=5805$

Thus, the compound interest is Rs. 5,805.

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Answer 2

Answer:

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