(24) Find the compound interest on Rs. 1,000 for 2 years at
4% per annum compounded annually.
(A) Rs. 81.60
(B) Rs. 80
(C) Rs. 1,081.60 (D) Rs.1,080
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Step-by-step explanation:
Here, Principal P = Rs. 1000
R =10% per annum and n=2 years
∴ Amount after 2 years = P (1+200R)2n
= Rs. 1000×(1+20010)2×2=Rs.1000×(1+201)4=Rs.1000×(2021)4
= Rs.1000×2021×2021×2021×2021=Rs.1215.50
Hence, compound interest = Amount - Principal
=Rs.1215.50−Rs.1000=Rs.215.50
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