Question

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?

give full explanation otgerwise it will be reported​

Answer 1

Answer:

₹8,800

Step-by-step explanation:

Principal (P) = ₹55,000

Rate (R) = 16%

Time (n) = 2 years

Amount (A) = P (1 + R/100)ⁿ

=> A = 55,000 (1 + 16/100)²

=> A = 55,000 (29/25)²

=> A = ₹63,800

Compound Interest = A-P = ₹63,800 - ₹55,000 = ₹8,800

Therefore , Sameer would earn ₹8,800.