Question

find the amount
of 1000 in one year at 2% per annum, when the interest is compounded​

Answer 1

The amount will be 1,020 Rs

Explanation:

Given data:

P = 1,000 R = 2% and n = 1 years.

Amount after 1 years = P ( 1 + r/2) 2n

= 1,000 ( 1 + 0.02/2) 2 x 1

= 1000 (1 + 0.01)2

= 1000 (1.01)^2

= 1000 x 1.0201

= 1,020 Rs

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