Find the amount and the compound interest on ₹ 2000 in 2 years if the rate is 4% for the first year and 3% for the second year.
Solution:
It is given that
Principal (P) = ₹ 2000
Rate of interest = 4% on the first year and 3% for the second year
Period (n) = 2 years
We know that
Amount = P (1 + r/100)n
Substituting the values
= 2000 (1 + 4/100) (1 + 3/100)
By further calculation
= 2000 × 26/25 × 103/100
= ₹ 2142.40
Here
CI = A – P
Substituting the values
= 2142.40 – 2000
= ₹ 142.40
More Solutions:
- At what rate percent will ₹ 2000 amount.
- Find the rate of interest per annum.
- Determine the rate of interest for a sum.
- Find the amount after 3 years at the above rate of compound interest.
- A certain sum amounts to ₹ 5292 in 2 years.
- A certain sum amounts to ₹ 798.60 after 3 years.
- In what time will ₹ 15625 amount to ₹ 17576.
- In what time will ₹ 1500 yield ₹ 496.50 as compound interest
- Find the time period of investment.