Question

Find the compound interest on ₹ 12000 for 2 years, the rate of interest being 3% per annum.​

Answer 1

Answer:

CI = 731

Step-by-step explanation:

Principle (p) = 12,000

R = 3% I.e. 0.03

N = 2

$CI = p[(1+i)^n-1]$

$CI = 12,000[(1+0.03)^2-1]$

$CI = 12,000(1.03)^2-1$

$(1.03)^2-1 = 0.0609$

CI = 12,000 × 0.0609

CI = 731