Find the amount and compound interest on Rs.3000 at 5% per annum for 2years,
compounded annually.
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Step-by-step explanation:
compund interest
3000(1+5/100)²-3000
=3000[(441/400)-1]
=3000*41/400=15*41/2 rupees
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Given details are, Principal (p) = Rs 3000 Rate (r) = 5% Time = 2years Interest for the first year = (3000×5×1)/100 = 150 Amount at the end of first year = Rs 3000 + 300 = Rs 3150 Principal interest for the second year = (3150×5×1)/100 = 157.5 Amount at the end of second year = Rs 3150 + 157.5 = Rs 3307.5 ∴ Compound Interest = Rs 3307.5 – Rs 3000 = Rs 307.5Read more on Sarthaks.com - https://www.sarthaks.com/669500/find-the-compound-interest-when-principal-rs-3000-rate-5-per-annum-and-time-2-years
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