Question

Poonam invests 3000 for two years at 5% per annum compounded
annually. Find the compound interest Poonam receives. Compared to simple
interest, how much more interest is she getting?​

Answer 1

Step-by-step explanation:

P = 3000, R = 5%, Time = 2 years

Compound Interest :

A = P(1 + r/100)ⁿ

  = 3000(1 + 5/100)²

  = 3000(105/100)²

  = 3307.50

∴ CI = A - P

      = 3307.50 - 3000

      = 307.50

-------------------------------------

Simple Interest :

SI = PTR/100

   = 3000 * 2 * 5/100

   = 300

Compound Interest poonam receives = 307.50

Interest she is getting = 307.50 - 300

= 7.50

Hope it helps!

Answer 2

Answer:

$\huge\mathfrak\green{Given:}$

Principal(P)=3000

Rate of Interest (r)=5%

Time(n)=2 years

Now, Compound Interest:-

CI = P(1+r)^n -P

CI =3000(1+5%)^2 - 3000

CI = 3000(1+5/100)^2 - 3000

CI = 3000(1+0.05)^2-3000

CI = 3000 × 1.1025 - 3000

CI = 3307.5-3000

★ CI = 307.5★

$\rule{300}{2}$

Simple Interest (SI)= Prn

SI = 3000 × 5% × 2

SI = 3000 × 0.05 × 2

★SI = 300★

$\rule{300}{2}$

She is getting more = Rs.(307.5-300)

★=Rs. 7.5 ★

$\large\boxed{Compound\:Interest=Rs.307.5}$

$\large\boxed{She\:is\:getting\:more=Rs.7.5}$

Hope it helps you ♥ ♥ ♥