find the compound interest on rs 3000 for 2 years at 15%per annum compound annually
Answers
Answer:
Step-by-step explanation:
Answer :
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:We know the formula,
A=P(1+nr)n.t
Where,
A= total amount
P= principal or amount of money deposited,
r= annual interest rate
n= number of times compounded per year
t= time in years
Given:
P= Rs. 3000,r=8%,n=4 and t=2 years
A=3000(1+40.08)4×2
A=3000×1.028
A=3000×1.171659
A= Rs. 3514.98
To find interest we use formula A=P+I, since A=3514.98 and P=3000, we have:
A=P+I
⇒3514.98=3000+I
⇒I=3514.98−3000=514.98
Interest, I= Rs. 514.98