the amount of the compound interest when 2000 is lent for 2 years at the rate of 10% p.a ?
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Answer:
Amount = ₹2420
Step-by-step explanation:
principal = 2000
rate = 10%p.a.
time = 2years
Amount = p × (1 + r/100)^t
= 2000 × (1 + 10/100)^2
= 2000 × (1 + 1/10)^2
= 2000 × (10+1/10)^2
= 2000 × (11/10)^2
= 2000 × 121/100
= 121 × 20
= 2420
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