Compute the amount and the compound interest by using the formulae whe – InterviewSolution

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1.

Compute the amount and the compound interest by using the formulae when : Principal = Rs 3000, Rate = 5%, Time = 2 years.

Answer»

Given, P = Rs 3000, rate = 5%, time = 2years

A = P (1 + R/100)ⁿ

= 3000 (1 + 5/100)²

= 3000 (105/100)²

= Rs 3307.5

Compound interest (CI) = A-P = Rs 3307.5 – 3000 = Rs 307.5

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