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Find a compound interest on ₹ 3000 for 2 year at 15% per annum compound annually |
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Answer» ANSWER We know the formula, A=P(1+ nr ) n.t Where, A= total amount P= principal or amount of MONEY deposited, R= annual interest raten= number of TIMES compounded per yeart= time in years Given:P= Rs. 3000, r=8%, n=4 and t=2 years A=3000(1+ 40.08 ) 4×2 A=3000×1.02 8 A=3000×1.171659 A= Rs. 3514.98 To find interest we USE formula A=P+I, since A=3514.98 and P=3000, A=P+I⇒3514.98 =3000+I⇒I=3514.98−3000=514.98 Interest, I= Rs. 514.98 |
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