Meera borrowed a sum of Rs. 1000 from Sita for two years. If the rate

1.	Meera borrowed a sum of Rs. 1000 from Sita for two years. If the rate of interest is 10% compounded annually, find the amount that Meera has to pay back.
Answer» Given, Principal = Rs.1000 Rate of interest = 10% p.a Time = 2 years Hence, Compound interes \(={P}[({1}+\frac{R}{100})^T-{1}]\) \(={1000}[({1}+\frac{10}{100})^2-{1}]\) \(={1000}\times\frac{21}{100}\) =Rs. 210 So, Amount that Meera has to pay back = Rs.(1000+210) = Rs.1210

Meera borrowed a sum of Rs. 1000 from Sita for two years. If the rate of interest is 10% compounded annually, find the amount that Meera has to pay back.

Answer»

Given,

Principal = Rs.1000

Rate of interest = 10% p.a

Time = 2 years

Hence,

Compound interes

\(={P}[({1}+\frac{R}{100})^T-{1}]\)

\(={1000}[({1}+\frac{10}{100})^2-{1}]\)

\(={1000}\times\frac{21}{100}\) =Rs. 210

So,

Amount that Meera has to pay back = Rs.(1000+210) = Rs.1210