Question

1) What is the amount for rupees 1000 by compound interest at 8% rate for 2 years?
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Answer 1

Answer:

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Answer 2

Given :-

• Principal = P = Rs.1000
• Time = T = 2 years.
• Rate = R = 8% compounded annually .

To Find :-

• Amount = ?

Solution :-

we know that, when rate is compounded annually ,

• A = P[1 + (R/100)]^T

putting given values we get,

→ A = 1000 * [1 + (8/100)]²

→ A = 1000 * [1 + (2/25)]²

→ A = 1000 * (27/25)²

→ A = (1000 * 729)/625

→ A = Rs.1166.4 (Ans.)

Hence, Amount after 2 years will be Rs.1166.4 .

Learn more :-

CI in 2yr is Rs. 1600 and in 3 yrs it will be Rs. 1700. Find the rate of interest.

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