Question

find a compound interest on ₹ 3000 for 2 year at 15% per annum compound annually ​

Answer 1

ANSWER

We know the formula,

A=P(1+ nr ) n.t

Where,

A= total amount

P= principal or amount of money deposited,

r= annual interest

raten= number of times compounded per yeart= time in years

Given:P= Rs. 3000,

r=8%,

n=4 and

t=2 years

A=3000(1+ 40.08 ) 4×2

A=3000×1.02 8

A=3000×1.171659

A= Rs. 3514.98

To find interest we use formula

A=P+I,

since

A=3514.98 and P=3000,

wehave:

A=P+I⇒3514.98

=3000+I⇒I=3514.98−3000=514.98

Interest, I= Rs. 514.98