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What would be the interest accrued in two years on Rs. 300 if the sum is invested at 10% interest compounded annually?1. Rs. 60.502. Rs. 603. Rs. 61.504. Rs. 63 |
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Answer» Correct Answer - Option 4 : Rs. 63 Given: Principal = Rs. 300 Rate of interest = 10% time = 2 years Formula used: Compound interest = Principal[1 + (rate/100)]time - Principal Calculation: Compound Interest for 2 years ⇒ 300[1 + (10/100)]2 - 300 ⇒ 363 - 300 ⇒ 63 ∴ The compound interest for 2 years is Rs. 63. |
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