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

InterviewSolution

1.

Compute the amount and the compound interest by using the formulae when : Principal = Rs 2000, Rate = 4 paise per rupee per annum, Time = 3 years.

Answer»

Given, P = Rs 2000, rate = 4%, time = 3years

A = P (1 + R/100)ⁿ

= 2000 (1 + 4/100)³

= 2000 (104/100)³

= Rs 2249.72

Compound interest (CI) = A-P = Rs 2249.72 – 2000 = Rs 249.72

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