Question

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

Answer 1

Answer:

Given :-

• Principal = ₹3000
• Rate = 5 %
• Time = 2 years

To Find :-

Compound interest

Solution :-

As we know that

A = P(1+R/100)ⁿ

$\sf \: amount \: = 3000 \bigg(1 + \dfrac{5}{100} \bigg) {}^{2}$

$\sf \: amount \: = 300 \bigg( \dfrac{105}{100} \bigg) {}^{2}$

$\sf \: amount \: = 300 \times \dfrac{105}{100} \times \dfrac{105}{100}$

$\sf \: amount \: = 3 \times 105 \times \dfrac{105}{100}$

$\sf amount \: = 3307.5$

Now,

CI = A - P

$\sf \:CI \: = 3307.5 - 3000$

CI = ₹307.5

Answer 2

GIVEN :

principal = ₹3000

Rate = 5%

Time = 2years

TO FIND : compound interest

WKT (we know that)

a(amount) = 3000(1+5/100)²

a = 300(105/100)²

a = 3×105×105/100

a = 3307.5

now,

CI ( compound interest) = 3307.5-3000

CI = ₹307.5