Question

Find the compound interest on rs 600 for 2 years at 5 per annum

Answer 1

use the formula of amount

Answer 2

Answer:

The compound interest is Rs 61.5

Step-by-step explanation:

Given the principal, rate and time

we have to find the compound interest.

Principal=Rs 600

Rate=5 per annum

Time=2 years

The compound interest can be calculated by

$C.I=Amount-Principal$

Amount can be calculated by the formula

$Amount=P[1+\frac{R}{100}]^t$

$A=600[1+\frac{5}{100}]^2$

$A=600[\frac{105}{100}]^2$

$A=600\times \frac{105}{100}\times \frac{105}{100}=661.5$

hence, the compound interest will be

$C.I=661.5-600=Rs 61.5$

The compound interest is Rs 61.5