Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
101 views
in Compound Interest by (239k points)
closed by
What will be the compound interest of 2 years at the rate of 15% per annum compounded annually for an amount of Rs. 2,800?
1. Rs. 956
2. Rs. 903
3. Rs. 1,000
4. Rs. 875

1 Answer

0 votes
by (237k points)
selected by
 
Best answer
Correct Answer - Option 2 : Rs. 903

Given:

Sum = Rs.2800

Time = 2 years

Rate of interest = 15%

Formula used:

CI = P[(1 + (r/100))t - 1]

Calculations:

CI = 2800[(1 + (15/100))2 - 1]

⇒ 2800 × [((100 + 15)/100)2 - 1] = 2800 × [(115/100)2 - 1]

⇒ 2800(1.3225 - 1) = 2800(0.3225)

⇒ 903

∴ The compound interest = 903

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...