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Question
Find the amount and the compound interest on ₹ 24,000 for 2 years at 10% per annum compounded yearly.
Solution
P = ₹24,000
n = 2 years
R = 10% P.a.
A = `P(1 + R/100)^n`
A = `24000(1 + 10/100)^2`
= `24000((10 + 1)/10)^2`
= `24000(11/10)^2`
= `24000 xx 11/10 xx 11/10`
= `240 xx 121`
A = 29040
Amount = ₹29040
C.I = A - P
= 29040 - 24000
= ₹5040
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