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Meera borrowed a sum of Rs. 1000 from Sita for two years. If the rate of interest is $10 %$ compounded annually, find the amount that Meera has to pay back.

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Rs.1210

Rs.1820

Rs.1910

Rs.1630

answer is A.

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Detailed Solution

Given,

Principal (P) = Rs 10 00 Rate (R) = 10 ​ ​ % ​ ​ p .a . Time (T) = 2 years

The formula to calculate the amount is given by

A = P 1 + R 100 T ⋅ ⋅ ⋅ ⋅ ⋅ (1)

Substitute the given value in equation (1) and solve for amount A,

⇒ A = 1000 1 + 10100 2 ⇒ A = 10001101002 ⇒ A = Rs 1210

Therefore, the amount is Rs.1210.
Hence, the correct option is 1.

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