Question

20000 Rs in a bank. If the rate of interest is 4% compounded annually , how much he will get back after 2 years?

Answer 1

Answer:

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Answer 2

P = Rs 20000
R = 4%
n = 2 years

A = P ( 1 + R/100) ^ n
= 20000( 1+4/100)^2
= 20000(26/25)^2
= 20000* 26* 26/ 25*25
= 32*26*26

A = Rs 21,632