Question

Find the amount and the compound interest on $Rs.24000$ for $2$ years at $10\%$ per annum compounded yearly.

Answer 1

Principal $\left(P\right)=Rs.24000$
Time $\left(t\right)=2$ years
Rate $\left(r\right)=10\%$
Amount= Principal - ${(1+\frac{r}{100})}^n$
$=Rs.24000\times {(1+\frac{10}{100})}^2$
$=Rs.24000\times {\left(\frac{101}{100}\right)}^2$
$=Rs.24000\times \frac{101}{100}\times \frac{101}{100}$
$=Rs.24482.4$
C.I.$=$ Amount-Principal
$=Rs.24482.4-Rs.24000=Rs.482.4$