Question

Find the amount and the compound interest on $Rs.3000$ for $2$ years at $10\%$ per annum.

Answer 1

Given:

Principal $\left(P\right)=Rs.3000$

Time $\left(T\right)=2$ years

Rate of interest $\left(R\right)=10\%$ per annum

$\Rightarrow n=2$

Amount on compounded per annum,

$A=P(1+\frac{R}{100}{)}^n$

$\Rightarrow A=Rs.3000(1+\frac{10}{100}{)}^2$

$\Rightarrow A=Rs.3000(1+\frac{1}{10}{)}^2$

$\Rightarrow A=Rs.3000(\frac{11}{10}{)}^2$

$\Rightarrow A=Rs.3000\times \frac{11}{10}\times \frac{11}{10}$

$\Rightarrow A=Rs.30\times 121$

$\Rightarrow A=Rs.3630$

$\Rightarrow C.I=A-P$

$\Rightarrow C.I=Rs.3630-Rs.3000=Rs.630$

Therefore,

Required amount is $Rs.3630$ and the compound interest is $Rs.630$.