the compound interest on500%for 2 years at 10%per annum will be
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Answer:
Present value=₹2500
Interest rate=10% per annum
Time=2 years
To find the amount we have the formula,
Amount(A)=P(1+(R/100))
n
where P is present value, r is rate of interest, n is time in years.
Now substituting the values in above formula we get,
∴A=2500(1+10/100)
2
⇒A=2500(11/10)
2
⇒A=2500(121/100)
⇒A=25(121)
⇒A=₹3025
Now,
∴ Compound interest = A–P
=3025–2500=₹525
Step-by-step explanation:
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