Question

The principal for the 2nd year on Rs. 1,500 at 2% per annum compounded annually is​

Answer 1

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Answer 2

Given :- The compound interest for the 2nd year on Rs. 1,500 at 2% per annum compounded annually is ?

Solution :-

given,

→ Principal = Rs.1500

→ Rate = 2% per annum.

→ Time = 1 years.

So,

→ interest for first year = (P * R * T) / 100 = (1500 * 2 *1) / 100 = Rs.30 .

Than,

→ Amount After first year = P + SI = 1500 + 30 = Rs.1530 .

Now,

→ Principal for second year = Rs.1530

→ Rate = 2% per annum.

Time = 1 years.

therefore,

→ interest for second year = (P * R * T) / 100 = (1530 * 2 *1) / 100 = Rs.30.6 . (Ans.)

Hence, compound interest for the 2nd year is Rs.30.6.

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