Question

Find the amount to be paid at the end of 2 years on rupees 2400 at 5 per annum compounded annually

Answer 1

Interest= PRT÷100

=>2400.5.2÷100

=>240

AMOUNT =PRINCIPLE +INTEREST

2400+240

2640

Answer 2

★ Given:-        

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• Time = 2 years
• Rate = 5%
• Principal = ₹ 2400

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★ To find:-

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• Amount to be paid.

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★ Formula Used:-

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• $\boxed{\underline{\sf{Amount\:= P\:\left(\:1\:+\:\dfrac{Rate}{100}\:\right)^{n}}}}$

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Where,

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• R = rate
• p = principal
• n = Time

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★ Solution:-

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To find out the amount we will use the formula and substitute the values.

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$\qquad\sf{:\implies\:Amount\:= P\:\left(\:1\:+\:\dfrac{Rate}{100}\:\right)^{n}}$

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$\qquad\sf{:\implies\:Amount\:= 2400\:\left(\:1\:+\:\dfrac{5}{100}\:\right)^{2}}$

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$\qquad\sf{:\implies\:Amount\:= 2400\:\left(\:\:\dfrac{21}{20}\:\right)^{2}}$

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$\qquad\sf{:\implies\:Amount\:= 2400\:\times\:\dfrac{21}{20}\:\times\:\dfrac{21}{20}}$

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$\qquad\sf{:\implies\:Amount\:=\:6\:\times\:21\:\times\:21}$

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$\qquad\sf{:\implies\:Amount\:=\:Rs.\:2646}$

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★ Answer:-

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• Amount is Rs. 2646

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