Find the compound interest when principal = Rs 300, rate = 5% per annum and time = 2 years.

Explanation

To find the compound interest when the principal is Rs 300, the rate is 5% per annum, and the time is 2 years, we can follow these steps:

### Step 1: Identify the formula for Compound Interest
The formula for calculating the amount \( A \) after \( n \) years with compound interest is:
\[ A = P \left(1 + \frac{r}{100}\right)^n \]
Where:
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