Find the compound interest on rupees 2000 for 2 years at 15,%per annum compounded annually
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645 Rs compound interest on rupees 2000 for 2 years at 15,%per annum compounded annually
Step-by-step explanation:
Principle = Rs 2000 = P
Interest rate = 15% per annum = R
Time = 2 Years = n
Amount = P ( 1 + R/100)ⁿ
=> Amount = 2000 ( 1 + 15/100)²
=> Amount = 2000 * 1.15²
=> Amount = 2,645
Compound Interest = Amount - Principle
= 2645 - 2000
= 645 Rs
645 Rs is the compound interest on rupees 2000 for 2 years at 15,%per annum compounded annually
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