Compound interest (In ₹) on ₹ 2000 at 5 % per annum, compounded yearly, for 2 years is

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6.Interest

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The compound interest (In ₹) on ₹ $2000$ at $5 \%$ per annum, compounded yearly, for $2$ years is

A

$315$

B

$425$

C

$205$

D

None of these

Solution

(c) Here, $P=2000, R=5$ and $t=2$

$\therefore \quad CI =P\left[\left(1+\frac{R}{100}\right)^{t}-1\right]$

$=2000\left[\left(\frac{21}{20}\right)^{2}-1\right]=2000\left[\left(\frac{21}{20}\right)^{2}-1\right]$

$=2000\left(\frac{441}{400}-1\right)=2000 \times \frac{41}{400}=₹ 205$

Standard 13

Quantitative Aptitude

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