1.

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

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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