What will be the compound interest on a sum of Rs. 1000 at the annual

1.	What will be the compound interest on a sum of Rs. 1000 at the annual rate of 10% for 2 years?1. Rs. 2002. Rs. 2203. Rs. 2104. Rs. 190
Answer» Correct Answer - Option 3 : Rs. 210 Concept: Compound Interest = Amount - Principle where Amount = P(1 + R/100)ⁿ Solution: Given: Principle = 1000 Rate = 10% Time = 2 years Using the above formula, we get, CI = 1000(1 + 10/100)² - 1000 10000(121/100) - 1000 1210 - 1000 = 210 Hence, we conclude that the compound interest is 210.

What will be the compound interest on a sum of Rs. 1000 at the annual rate of 10% for 2 years?1. Rs. 2002. Rs. 2203. Rs. 2104. Rs. 190

Answer» Correct Answer - Option 3 : Rs. 210

Concept: Compound Interest = Amount - Principle

where Amount = P(1 + R/100)ⁿ

Solution:

Given: Principle = 1000

Rate = 10%

Time = 2 years

Using the above formula, we get,

CI = 1000(1 + 10/100)² - 1000

10000(121/100) - 1000

1210 - 1000 = 210

Hence, we conclude that the compound interest is 210.

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