Question

the compound interest on 24000 rs. compounded annually for 2 years at the rate of 10% per annum is​

Answer 1

Step-by-step explanation:

Time(t) = 2 years. Rate%(R%) = 10% p.a. Thus, the Compound Interest will be Rs. 4800.

Answer 2

Answer:

Rs. 5,040

Step-by-step explanation:

Principal: Rs.24,000

Rate: 10%

Time: 2 years

For 1st year:

Principal: Rs. 24,000

Rate: 10%

Time: 1 year (Since compounded yearly)

Formula: I= P x R x T/ 100

I= 24,000 x 10 x 1/ 100

I= Rs. 2,400

Amount= P+I

Amount: Rs.24,000+2,400

            =Rs. 26,400   (This amount will be the Principal for the next year)

For 2nd year:

Principal: Rs. 26,400

Rate: 10%

Time: 1 year

Formula: I= P x R x T/100

I= 26,400 x 10 x 1/ 100

I= Rs.2,640

Total Compounded Interest: Rs.2,400+Rs.2,640

                                              =Rs.5,040