Question

Find the compound interest on Rs 1000 at 3%for 2 years
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Answer 1

Step-by-step explanation:

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Principal (p) = Rs 1000 Rate

(r) = 8%

Time = 1 ½ years = 3/2 × 2 = 3 half years

By using the formula,

A = P (1 + R/100)

n = 1000

(1 + 8/100)3 = 1000 (208/100)3 = Rs 1124.86 ∴ Compound Interest = A – P = Rs 1124.86

– Rs 1000 = Rs 124.86

Answer 2

Answer:

Rs. 60.9

Step-by-step explanation:

Given that Price (P) is Rs. 1000, Rate (R) is 3% and time (t) is 2 years.

Using formula, A = P(1 + R/100)^t we can find the value of A i.e. Amount.

A = 1000(1 + 3/100)²

A = 1000[(100 + 3)/100]²

A = 1000 (103/100)²

A = 1000 (10609/10000)

A = 10609/10

A = 1060.9

Hence, the amount is Rs. 1060.9

As per question we have to find compound interest i.e. C.

Compound interest = Amount - Principal

C = A - P

C = Rs. (1060.9 - 10000)

C = Rs. 60.9

Hence, the compound interest is Rs. 60.9.