Question

Find the Compound Interest when Principal= ₹3000, rate= 5% per annum and time= 2 year.​

Answer 1

Step-by-step explanation:

Principal for the 1st Year = ₹3000

Rate = 5%

Time = 2 year

Interest for the 1st Year = 3000 x 5 x 1 / 100

= ₹ 150

Amount at the end of 1st year = 3000+150

= ₹ 3150

Principal for the 2nd Year = ₹3150

Interest for the 2nd year = 3150 x 5 x 1 / 100

= ₹ 157.50

Amount at the end of 2nd Year = 3150+157.50

= ₹ 3307.50

Compound Interest = (₹ 3307.50 - ₹ 3000)

= ₹ 307.50 Ans

Answer 2

Given :-

Principle = ₹3000

Rate = 5%

Time = 2 years

To Find :-

The Compound Interest.

Solution :-

We know that,

• p = Principle
• r = Rate
• t = Time

Given that,

Principal (p) = Rs 3000

Rate (r) = 5%

Time (t) = 2 years

According to the question,

Interest for the first year = $\sf \dfrac{(3000 \times 5 \times 1)}{100}$

Interest for the first year = 150

Amount at the end of first year = Rs. 3000 + 300

Amount at the end of first year = Rs. 3150

Principal interest for the second year = $\sf \dfrac{(3150 \times 5 \times 1)}{100}$

Principal interest for the second year = 157.5

Amount at the end of second year = Rs. 3150 + 157.5

Amount at the end of second year = Rs. 3307.5

∴ Compound Interest = Amount at the end of second year – Principle

Substituting their values, we get

Compound Interest = Rs. 3307.5 – Rs. 3000

Compound Interest = Rs. 307.5

Therefore, the compound interest is Rs. 307.5