Question

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

Answer 1

Answer:

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

Step-by-step explanation:

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