Question

Find the amount and compound interest on Rs. 2000 at 5% per annum for 3 years.

Answer 1

Step-by-step explanation:

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Answer 2

Given,

Principal amount P = 2000rs

Interest rate R = 5%

Time period T= 3

To Find,

The amount and Compound Interest

Solution,

Principal amount P = 2000rs

Rate of interest R = 5%

Period of time T = 3

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

n= T

A = 2000$(1+\frac{5}{100})^{3}$

2000$(\frac{100+5}{100})^{3}$

2000×$\frac{105}{100} * \frac{105}{100} * \frac{105}{100}$

A = $\frac{2*105*105*105}{1000}$

A = $\frac{2315250}{1000}$

A = 2315.25rs.

Compound Interest CI =

Amount - Principal amount

A - P

CI = 2315.25-2000

    =315.25rs

The amount is 2315.25rs and the compound interest is 315.25rs.