Question

Find the compound interest when principal = Rs 3000, rate = 5% per annum and time = 2 years.​

Answer 1

Answer:

Your answer is 307.5

Step-by-step explanation:

Solution:

Given details are,

Principal (p) = Rs 3000

Rate (r) = 5%

Time = 2years

Interest for the first year = (3000×5×1)/100 = 150

Amount at the end of first year = Rs 3000 + 300 = Rs 3150

Principal interest for the second year = (3150×5×1)/100 = 157.5

Amount at the end of second year = Rs 3150 + 157.5 = Rs 3307.5

∴ Compound Interest = Rs 3307.5 – Rs 3000 = Rs 307.5

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Answer 2

Answer:

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