1 answer:
Answer: £122.4
Step-by-step explanation:
Given
The rate of interest is 4%
The principal invested is £1500
the time period is 2 years
Compound interest is given by
put values
![C.I.=1500(1+0.04)^2-1500\\C.I.=1500[1.04^2-1]\\C.I.=1500[1.0816-1]\\C.I.=1500\times 0.0816\\C.I.=122.4](https://tex.z-dn.net/?f=C.I.%3D1500%281%2B0.04%29%5E2-1500%5C%5CC.I.%3D1500%5B1.04%5E2-1%5D%5C%5CC.I.%3D1500%5B1.0816-1%5D%5C%5CC.I.%3D1500%5Ctimes%200.0816%5C%5CC.I.%3D122.4)
Therefore, interest earned is £122.4
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