Find the amount of money Seema will get at the end of 2 years, if she invests ₹1500 in a bank with an interest rate of 15% compounded annually.

₹1888.32

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₹1983.75

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₹1083.75

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₹1769.65

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Solution

The correct option is B ₹1983.75
Given
Principal (P) = ₹ 1500
Time period (n) = 2 years
Interest rate (r) = 15%

By using formula for compound interest, we can write

$Amount = P [{(1 + \frac{r}{100})}^{n}]$

$Amount = 1500 [{(1 + \frac{15}{100})}^{2}]$

$Amount = ₹ 1983.75$

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Find the amount of money Seema will get at the end of 2 years, if she invests ₹1500 in a bank with an interest rate of 15% compounded annually.

The correct option is B ₹1983.75Given Principal (P) = ₹ 1500 Time period (n) = 2 years Interest rate (r) = 15% By using formula for compound interest, we can write Amount = P[(1+r100)n] Amount=1500[(1+15100)2] Amount=₹1983.75

The correct option is B ₹1983.75
Given
Principal (P) = ₹ 1500
Time period (n) = 2 years
Interest rate (r) = 15%

By using formula for compound interest, we can write

$Amount = P [{(1 + \frac{r}{100})}^{n}]$

$Amount = 1500 [{(1 + \frac{15}{100})}^{2}]$

$Amount = ₹ 1983.75$