Question
Download Solution PDFWhat will be the amount after the period of 2 years at the compound interest rate of 10% per year at 17200 rupees? (In rupees)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The principal amount (P) = 17200 rupees
The time period (t) = 2 years
The compound interest rate (R) = 10% per year
Formula used:
The formula for compound interest is given by:
A = P × (1 + (R / 100))t
Where "A" is the amount after the time period "t" at an interest rate "R", and "P" is the principal amount.
Solution:
We can use the formula for compound interest to find the amount after 2 years at a 10% interest rate:
A = P × (1 + (R / 100))t
A = 17200 × (1 + (10 / 100))2
A = 17200 × (1 + 0.1)2
A = 17200 × 1.12
A = 17200 × 1.21
A = 20,812 rupees
Therefore, the amount after 2 years at a 10% compound interest rate of 17200 rupees is 20,812 rupees.
Last updated on Jul 16, 2025
-> More than 60.65 lakh valid applications have been received for RPF Recruitment 2024 across both Sub-Inspector and Constable posts.
-> Out of these, around 15.35 lakh applications are for CEN RPF 01/2024 (SI) and nearly 45.30 lakh for CEN RPF 02/2024 (Constable).
-> The Examination was held from 2nd March to 18th March 2025. Check the RPF Exam Analysis Live Updates Here.