6. Sameer gave a loan of 55,000 to Deepak for a period of two years at 16% per annum compounded
yearly. How much interest will Sameer earn?
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Answer:
principal= 55000
rate= 16% p.a.
time = 2years
amount (A)= p*(1+r/100)^2
A= 55000(1+16/100)^2
A = 55000(100+16/100)^2
A = 55000(116/100)^2
A= 55000(13456/10000)
A = 55000*1.3456
A = 74008.000
A=74008
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