Question

Find interest and amount to be paid on ₹15000 at 5% per annum after 2 years

Answer 1

Answer: $16537.50

Explanation:

Simple interest is I = P(1 + r)^t, where P is principle and r is rate and I is interest and t is time. Here the rate is .05, principle is 15000 and t is 2.
`I=15000(1+0.05)^2\\\\I=15000(1.05)^2\\I=15000(1.1025)\\I=16537.50`

Hope it helps <3

Answer 2

$16537.50

Explanation:

Simple Interest Rate Formula: A = P(1 + r)^t

Since we are given P, r, and t, simply plug it in to find your answer:

A = 15000(1 + 0.05)²

A = 15000(1.05)²

A = 15000(1.1025)

A = 16537.5