Find the amount received on Rs. 48000 for 2 years at the rate of 11% pa.
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Answered by
1
Answer:
Given Rate of interest is r=2
2
1
%=
2
5
%=0.025
Principal Amount is A=48,000
Time is t=2 years
Interest is compounded yearly once ⟹n=1
Amount =P(1+
n
r
)
nt
=48000×(1+0.025)
2
=50,430
Interest is A−P=50,430−48,000=2430
Answered by
1
To find the amount first we need to find out the Simple interest as the formula of amount says Simple Interest + P
ans = ₹58560
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