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Question
Compute the amount and the compound interest in the following by using the formulae when:
Principal = Rs 3000, Rate = 5%, Time = 2 years
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Solution
\[\text{ Applying the rule A = P }\left( 1 + \frac{R}{100} \right)^n \text{ on the given situations, we get: }\]
\[A = 3, 000 \left( 1 + \frac{5}{100} \right)^2 \]
\[ = 3, 000 \left( 1 . 05 \right)^2 \]
= Rs 3, 307 . 50
Now,
CI = A - P
= Rs 3, 307 . 50 - Rs 3, 000
= Rs 307 . 50
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