Question

Find compound interest on 15,000 at 6% for 2 years.
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Answer 1

Answer:

$\huge{\underline{\mathfrak \purple{Answer}}}$

● Given -

P = 15000 Rs. r = 10 % per annum. t = 2 years.

● Solution -

Compound interest over sum p is given by formula -

CI = P [(1+r)$^t$ - 1]

CI = 15000 [(1 + 10/100)² - 1]

CI = 15000 [(1+0.1)² - 1]

CI = 15000 [1.1² - 1]

CI = 15000 [1.21 - 1] ...

● CI = 3150 Rs.

• Therefore, compound interest is 3150 Rs.

Answer 2

Answer:

interest in 1st year=Rs 15000×6/100= Rs 900

after one year principal=Rs (15000+900)=Rs 15900

interest in 2nd year=Rs 15900×6/100

=Rs 954

so, total interest=Rs (900+954)=Rs 1854