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Calculating Simple Interest Using Formula

The principal...

Question

The principal for the $2^{n d}$ year on Rs. 1,500 at 2% per annum compounded annually is:

Rs 1,500

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Rs 1,530

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Rs, 1,510

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Rs, 1,650

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Solution

The correct option is B Rs 1,530
Principal for the $2^{n d}$ conversion period = Amount for $1^{s t}$ conversion period
= Principal + Interest
$= P + [\frac{(P \times R \times T)}{100}]$
$= P [\frac{1 + (R \times T)}{100}]$
$= 1, 500 [1 + \frac{(2 \times 1)}{100}]$
$= R s 1, 530$

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The principal for the 2nd year on Rs. 1,500 at 2% per annum compounded annually is:

The correct option is B Rs 1,530Principal for the 2nd conversion period = Amount for 1st conversion period = Principal + Interest =P+[(P×R×T)100] =P[1+(R×T)100] =1,500[1+(2×1)100] =Rs1,530

The principal for the $2^{n d}$ year on Rs. 1,500 at 2% per annum compounded annually is:

The correct option is B Rs 1,530
Principal for the $2^{n d}$ conversion period = Amount for $1^{s t}$ conversion period
= Principal + Interest
$= P + [\frac{(P \times R \times T)}{100}]$
$= P [\frac{1 + (R \times T)}{100}]$
$= 1, 500 [1 + \frac{(2 \times 1)}{100}]$
$= R s 1, 530$