Question

Find the compound interest on 3000 for 2 years at 15% per annum compound annually.
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Answer 1

Answer:

= Rs.630

Step-by-step explanation:

Present value = Rs.3000

Interest rate = 10% per annum

Time = 2 years

Amount (A) = P (1 + R/100)n [Where, P = Present value

R = Annual interest rate

n = Time in years]

∴ A = 3000 (1 + 10/100)2

⇒ A = 3000 (1 + 1/10)2

⇒ A = 3000 (11/10)2

⇒ A = 3000 × 11/10 × 11/10

⇒ A = 3000 × 121/100

⇒ A = 30 × 121

⇒ A = 3630

∴ Amount = Rs.3630

∴ Compound interest = Rs.(3630 – 3000)

= Rs.630

Answer 2

Answer:

3967.50 is the amount

And compound interest = 967.50