Question

Seema deposited Rs 20,000 in a bank and got 22898 at the end of two years. find the interest if the compounded annually.​

Answer 1

Answer:

5%

Step-by-step explanation:

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Answer 2

$The formula for compound interest, including principal sum, is:</p><p></p><p>A=P(1+nr)nt</p><p></p><p></p><p>Where:</p><p></p><p>A= the future value of the investment/loan, including interest</p><p></p><p>P= the principal investment amount (the initial deposit or loan amount)</p><p></p><p>r= the annual interest rate (decimal)</p><p></p><p>n= the number of times that interest is compounded per unit t</p><p></p><p>t= the time the money is invested or borrowed for</p><p></p><p></p><p>In our given problem,</p><p></p><p>P= Rs. 20000,  r=6%=0.06, n=2, t=1year</p><p></p><p></p><p>∴, the amount received after the term of 1year will be given by,</p><p></p><p>A=20000(1+20.06)2×1</p><p></p><p></p><p>⇒A=20000(1+0.03)2</p><p></p><p></p><p>⇒A=20000(1.03)2</p><p></p><p></p><p>⇒A=Rs.21218</p><p></p><p></p><p>∴, the amount Sheetal will get after 1 year is Rs.21,218</p><p></p><p>$