Q. 33.6( 14 Votes )

Goutam babu borrowed ₹2000 at the rate of 6% compound interest per annum for 2 years. Let us write by calculating how much compound interest at the end of 2 years he will pay.

Answer :

We know that amount after 2 years

Where p = principal, r = rate of interest and n = time = 2 years

From given, p = ₹2000 and r = 6%

So, the amount after 2 years

= ₹2247.2

Compound interest for 2 years = ₹2247.2 - ₹2000

= ₹247.2

Rate this question :

How useful is this solution?
We strive to provide quality solutions. Please rate us to serve you better.
Related Videos
Wren & Martin | Compound & Complex Sentences41 mins
Terminating or Non-terminating Repeating Decimal Expansion32 mins
Why do objects float or sink?38 mins
Can we be Right or Left Brain?41 mins
Champ Quiz | Strength of Acids and Bases31 mins
Nuts and Bolts of Editing40 mins
How to Overcome Any Bad Habit or Addiction??31 mins
Newton's Laws of Motion - Myths vs Facts57 mins
Out-of-the-box Knowledge of Acids and Bases27 mins
Clear the Confusion of Mass and Weight45 mins
Try our Mini CourseMaster Important Topics in 7 DaysLearn from IITians, NITians, Doctors & Academic Experts
Dedicated counsellor for each student
24X7 Doubt Resolution
Daily Report Card
Detailed Performance Evaluation
view all courses

In case of compound interest

West Bengal Board - Mathematics