Question

How much interest will be earned on 500 at 9% pa for two years?

Answer 1

How to use SI Calculator?

1. Firstly, multiply the principal P, interest in percentage R and tenure T in years.
2. For yearly interest, divide the result of P*R*T by 100.
3. To get the monthly interest, divide the Simple Interest by 12 for 1 year, 24 months for 2 years and so on.

Answer 2

Answer:

$\huge\underline\mathfrak\red{Answer}$

⇉⇉Amount =principal = 500

⇉⇉rate of interest= 9%

⇉⇉number of time= 2 year

⇉= using compound interest formula:-

⇉= A=P [1+r/100]n

⇉= A= 500[ 1+ 9%/100]²

$a = 500 \times \frac{109}{100} \times \frac{109}{100} \times \frac{109}{100}$

$a = 64751.45$

so, ₹64751.45 earned.