Rs. 2100 is lent at compound interest of 5 per annum for 2 years. find the amount after two years

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Answered by Alin Malya Rashmi G on 2021-11-14 04:14:53 | Votes 22 | # | Last Updated: 2021-11-14 13:24:59

Solution:

Given:

A = P × [ 1 + (r/100) ]^n where,

A is the amount in rupees,

P is the principal in rupees,

r is the interest in percentage,

n is time in years.

P = Rs.2100, r = 5% , n = 2 years, A = ?

So,

A = 2100 × [ 1 + (5/100) ]²

A = 2100 × [ 1 + (0.05) ]²

A = 2100 × [ 1.05 ]²

A = 2100 × 1.1025

A = 2,315.25

So, the correct option is B). Rs. 2315.25

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We can use formula of compound interest; A = P*[1+ (r/100)]n A = 2100*[1+(5/100)]2 A = 2100*[105/100]2 A = (2100*11025)/10000

Hence, Amount, A = Rs. 2315.25.