Q3 of 52 Page 112

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.

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


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