Question

Find the compound interest and amount on ₹10000 at 2% p.a. for 3years

Answer 1

Amount = Rs 10,612.08

Compound Interest = Rs 612.08.

Step-by-step explanation:

We have to find the amount and the compound interest on Rs. 10,000 at 2% per annum for 3 years.

Assuming interest is compounded annually.

Let the Principal sum of money = P

Rate of Interest = R

Time Period = T

Amount of money = A

As we know that Amount formula for compounded annually is given by;

              Amount =  $\text{Principal} \times (1+\text{Rate of Interest})^{\text{Time})}$

                                      Or

                        $A=P\times (1+R)^{T}$

                       

Now, we are given with P = Rs 10,000 , R = 2% p.a. and T = 3 years; we have to find the amount, i.e;

                       $A=10000\times (1+0.02)^{3}$

                       A = $10000 \times (1.02)^{3}$

                       A = $10000 \times 1.06121$

                       A = Rs 10,612.08

That means Amount = Rs 10,612.08.

Also, Compound Interest formula is given by;

          Amount = Principal + Compound Interest

         Compound Interest = Amount - Principal

                                           = Rs (10,612.08 - 10,000)

                                           = Rs 612.08

Therefore, amount and the compound interest on Rs 10,000 at 2% per annum for 3 years are Rs 10,612.08 and Rs 612.08 respectively.

Answer 2

Answer:

₹612.08 is the answer of the question