Question
Download Solution PDFFind compound amount and compound interest for ₹ 10,000 at 3% interest per annum in 2 years.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹10,000
Rate (r) = 3%
Time (t) = 2 years
Formula used:
A = P
Calculation:
A = 10000
⇒ A = 10000
⇒ A = 10000
⇒ A = 10000
⇒ A = 10000 × 1.0609
⇒ A = 10609
Compound Amount (A) = ₹10,609
Compound Interest (CI) = A - P
⇒ CI = 10609 - 10000
⇒ CI = 609
∴ The correct answer is option 1.
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