Question

What would be the compound interest obtained on an amount of rs.3000 at thr rate of 8 p.c.p.a after 2years

Answer 1

The compound interest obtained on an amount of Rs.3000 at the rate of 8% p.a after 2years  is Rs. 499.20.

Step-by-step explanation:

Principal, P = Rs. 3000

The rate of interest, R = 8% p.a.

Time period, n = 2 years

The formula of compound interest is given by,

• C.I.  = P [$(1 + \frac{R}{100} )^2 - 1$]

Substituting the given values in the above formula, we get

C.I. = 3000 [$(1 + \frac{8}{100})^2 - 1$]

⇒ C.I. = 3000 [$(\frac{27}{25} )^2$ - 1]

⇒ C.I. = 3000 × [1.1664 - 1]

⇒ C.I. = 3000 × 0.1664

⇒ C.I. = Rs. 499.20

Thus, the compound interest obtained would be Rs. 499.20.

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Answer 2

Step-by-step explanation:

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