The compound interest on 2000 is 60.
Step-by-step explanation:
Given,
Principal (P) = 2000
Rate of interest (r) = 3%
Time (T) = 1 years
To find the interest calculated compound in 1 year.
Formula
Amount = P[tex](1+\frac{r}{100} )^{T}[/tex]
Putting the given values we get,
Amount = 2000[tex](1+\frac{3}{100} )^{1}[/tex]
= 2060
So,
The interest = 2060-2000 = 60
