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Question 132
What would be the compound interest obtained on a amount 3000 at the rate of 8% per annum after 2 years?
Solution
Amount = Rs. 3000
Time = 2 years and rate = 8% under compound interest
=> $$C.I. = P [(1 + \frac{R}{100})^T - 1]$$
= $$3000 [(1 + \frac{8}{100})^2 - 1]$$
= $$3000 [(\frac{27}{25})^2 - 1] = 3000 (\frac{729}{625} - 1)$$
= $$3000 \times \frac{104}{625} = 104 \times 4.8$$
= $$Rs. 499.20$$
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