Find the compound Interest if the principal is 2000, rate is 12% and time is 2 years
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Answered by
1
A = P(1+r/n)^t
A is amount
P is principal
r is rate
t is time
put and u r answer is..
A is amount
P is principal
r is rate
t is time
put and u r answer is..
soniyasowmiya84:
No the answer is 2508.8. But I am not getting the answer
why solve again
Actually this question was in my book. When I worked out I also got ur answer only, but in my book the answer is written as 2508.8
Answered by
2
P=2000
R=12%
T=2yrs.
CI for first year=P×R×T/100
=2000×12×1/100
=20×12
=240
A=P+CI
=2000+240
=2240
NOW P=2240
CI FOR SECOND YEAR=P×R×T/100
=2240×12×1/100
=268.8
Total CI=240+268.8
=508.8
R=12%
T=2yrs.
CI for first year=P×R×T/100
=2000×12×1/100
=20×12
=240
A=P+CI
=2000+240
=2240
NOW P=2240
CI FOR SECOND YEAR=P×R×T/100
=2240×12×1/100
=268.8
Total CI=240+268.8
=508.8
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