The amount on a sum of ₹1,500 at 10% per annum compound interest, compounded annually, in 2 years will be:
₹1,815
The amount under compound interest is given by \(A = P\left(1 + \dfrac{R}{100}\right)^{n}\).
Substitute \(P = 1500\), \(R = 10\%\) and \(n = 2\): \(A = 1500\left(1 + \dfrac{10}{100}\right)^{2}\).
\(A = 1500 \times \left(\dfrac{11}{10}\right)^{2} = 1500 \times \dfrac{121}{100}\).
\(A = 15 \times 121 = 1815\).
Hence, the amount after 2 years is ₹1,815.
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