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Question 55
A sum of ₹900 is invested at compound interest (compounded annually) for 2 years. If the rate of interest is 10% per annum, then what will be the amount?
Solution
compound interest = $$P(1+\frac{R}{100})^n$$
=$$900(1+\frac{10}{100})^2$$
= $$ 900 \times (\frac {11}{10})^2$$
= $$ 900 \times (\frac {11}{10}) \times (\frac {11}{10})$$
=Rs1089
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