Question

what is the formula of compound interest of 2 years rate 12 %pa and principal 290000 ​

Answer 1

☆ANSWER:-

☞Given:-

Find the compound interest of 2 years rate 12 %pa and principal 290000 .

☞A.T.Q:-

• Principal (P) = ₹2,90,000
• Rate. (R) = 12% p.a.
• Time. (n) = 2 years

We know, Amount = P (1 + R/100)n

So, amount =

✧$290000(1 +\frac{12}{100})^{2}$

✧ $290000( \frac{100 + 12}{100})^{2}$

✧ $290000(1.12) ^{2}$

✧ $290000 \times 1.25$

✧ $290001.25$

Now, we know, C.I. = Amount - Principle

= 290001.25 - 290000

= ₹1.25 (compound interest)

☞Extra:-

• Simple interest = P×R×T/100
• Compound interest = P(1+R ⁄100)t − P