Question

The compound interest on $1000 at 10% p.a. compound annually for 2 years is
(a) $190
(b) $200
(c) $210
(d) $1210​

Answer 1

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Answer 2

Answer:

(c) $210

Step-by-step explanation:

it is given that principal , P = $1000

rate of interest , r = 10% per annum

time duration, n = 2 yrs

using formula, C.I = P[(1 + r/100)ⁿ - 1]

= 1000[(1 + 10/100)² - 1]

= 1000[(1 + 1/10)² - 1]

= 1000[(1 + 0.1)² - 1]

= 1000[(1.1)² - 1]

= 1000[1.21 - 1]

= 1000 × 0.21

= $210

hence, compound interest = $210