Calculate the amount and the compound Interest on 15000 in 3 years at 10 pa compounded annually

A sum of Rs. 15000 is invested at 10% compound interest for 2 years. Find the amount after 2 years.

1. Rs. 15510
2. Rs. 18150
3. Rs. 19820
4. Rs. 18754

Answer (Detailed Solution Below)

Option 2 : Rs. 18150

Free

10 Questions 10 Marks 7 Mins

Given:

Sum invested = Rs. 15000

Rate of interest = 10% p.a.

Time = 2 years

Formula Used:

Amount = P × (1 + r/100)t

Calculations:

Sum invested = Rs. 15000

Time = 2 years

Rate of interest = 10% p.a.

Amount = P × (1 + r/100)t

⇒ Amount = 15000 × (1 + 10/100)2

⇒ Amount = Rs. 18150

∴ The amount received after 2 years is Rs. 18150.

Last updated on Sep 21, 2022

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and we are required to find it amount so we have the formula amount will be equal to P X 1 + r one upon hundred X 1 + 2 upon hundred so now the amount this will be equals to 15000 oneplus 8 upon hundred X 1 + 10 upon hundred cancel out some terms distance is get cancelled so we get amount as

15000 x 108 x 11 upon 10 we can see that will get cancel out so we have amount is equals to 15 into 108 x which equals to 17000 820 so this is the final amount that we get after 2 years if the rate of interest is for one year is 8% and another year for another

10%

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