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What is the compound interest (in Rs.) on a sum of Rs. 13000 for 2 years at the rate of 10% per annum compounded annually?
- a)2730
- b)2400
- c)2620
- d)2340
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
What is the compound interest (in Rs.) on a sum of Rs. 13000 for 2 yea...
Principal = Rs. 13000
No. of years = 2
Rate of interest = 10%
∴ Amount after 2 years,
⇒ 13000 × 1.21
⇒ Rs. 15730
∴ Interest earned = Rs.(15730 - 13000) = Rs. 2730
Most Upvoted Answer
What is the compound interest (in Rs.) on a sum of Rs. 13000 for 2 yea...
Given:
Principal amount (P) = Rs. 13000
Rate of interest (R) = 10% per annum
Time period (T) = 2 years
Compound interest is calculated using the formula:
A = P(1 + R/100)^T
Where:
A = Total amount after interest
P = Principal amount
R = Rate of interest
T = Time period
Substituting the given values into the formula, we have:
A = 13000(1 + 10/100)^2
A = 13000(1 + 0.1)^2
A = 13000(1.1)^2
A = 13000(1.21)
A = 15730
The total amount after 2 years is Rs. 15730.
To find the compound interest, we subtract the principal amount from the total amount:
Compound Interest = A - P
Compound Interest = 15730 - 13000
Compound Interest = 2730
Therefore, the compound interest on a sum of Rs. 13000 for 2 years at the rate of 10% per annum compounded annually is Rs. 2730.
Principal amount (P) = Rs. 13000
Rate of interest (R) = 10% per annum
Time period (T) = 2 years
Compound interest is calculated using the formula:
A = P(1 + R/100)^T
Where:
A = Total amount after interest
P = Principal amount
R = Rate of interest
T = Time period
Substituting the given values into the formula, we have:
A = 13000(1 + 10/100)^2
A = 13000(1 + 0.1)^2
A = 13000(1.1)^2
A = 13000(1.21)
A = 15730
The total amount after 2 years is Rs. 15730.
To find the compound interest, we subtract the principal amount from the total amount:
Compound Interest = A - P
Compound Interest = 15730 - 13000
Compound Interest = 2730
Therefore, the compound interest on a sum of Rs. 13000 for 2 years at the rate of 10% per annum compounded annually is Rs. 2730.
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What is the compound interest (in Rs.) on a sum of Rs. 13000 for 2 years at the rate of 10% per annum compounded annually?a)2730b)2400c)2620d)2340Correct answer is option 'A'. Can you explain this answer?
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