*What is the difference between amounts for 2 years and 3 years for Rs. 500 at 10% compound interest?*
1️⃣ ₹.665.50
2️⃣ ₹ 60
3️⃣ ₹ 60.50
4️⃣ ₹ 605
Answers
Answered by
12
Answer:
2️⃣ ₹ 60
Step-by-step explanation:
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Answered by
6
Answer :
3️⃣ ₹60.50
Explanation :
Compound interest for the first 2 years.
Where,
- rate = 10%
- principal = ₹500
- time = 2 years.
We know that,
- Amount : p(1 + r/100)ⁿ
Substituting given values :
→ 500(1 + 10/100)²
→ 500(1 + 1/10)²
→ 500(11/10)²
→ 500(1.1)²
→ 500(1.21)
→ 605
∴ Amount calculated for the first two years is ₹105.
Now,
Calculating C. I. for the next 3 years at the same rate and principal.
→ 500(1 + 10/100)³
→ 500(11/10)³
→ 500(1.331)
→ 665.5
∴ Amount calculated for 3 years is ₹665.5
Hence, the difference between the two amounts is :
→ 665.5 - 605
→ 60.5
Required answer : ₹60.5
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