Question

Sandeep borrowed 3000 Rs. from Bank for Gobar Gas Plant. If interest compounded annually, then find how much amount
he paid after two years if compound interest is 8% annually.​

Answer 1

Answer:

Step-by-step explanation:

Answer 2

The Amount paid by Sandeep after 2 years is Rs 3500  

Step-by-step explanation:

Given as :

The money borrowed from bank = p = Rs 3000

The rate of interest = r = 8% at compounded annually

The time period = t = 2 years

Let The Amount after 2 years = Rs A

According to question

From Compound Interest method

Amount = Principal × $(1+\dfrac{rate}{100})^{time}$

Or, A = p × $(1+\dfrac{r}{100})^{t}$

Or, A = Rs 3000 × $(1+\dfrac{8}{100})^{2}$

Or, A = Rs 3000 × (1.08)²

Or, A = Rs 3000 × 1.1664

∴   Amount = Rs 3499.2 ≈ 3500

So, The Amount paid after 2 years =  A = Rs 3500

Hence, The Amount paid by Sandeep after 2 years is Rs 3500  . Answer