Question

compound  Interest on Rs. 1000 for two years at 2% per annum.​

Answer 1

Answer:

Compound interest= P (1-R\100a)^T

so,answer is 2401

Answer 2

Compound interest is Rs. 9000.

• The interest on a loan or principal amount can be easily calculated using simple interest. Simple interest is a notion that is employed across a wide range of industries, including banking, finance, automobiles, and more. When you pay back a loan, the monthly interest is deducted first, and any remaining funds are applied to the principal.
• Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate multiplied by the number of compound periods multiplied by one. The total initial loan amount is then deducted from the resulting value.

Here, according to the given information, we are given that,

The Principal (P) = Rs. 1000,

The time period (t) = 2 years,

Rate of interest (r) = 2% per annum.​

Now, we know that,

Compound Interest = $P(1+r)^{t}$

Then, putting the values in the above formula, we get,

Compound interest

$=1000(1+2)^{2} \\=9000.$

Hence, compound interest is Rs. 9000.

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