a sum of rs 20000 is borrowed by ram of 2 years at an interest of8%. what will be compound interest in 2 years if compound annually
Answers
Answered by
5
Answer:
I hope it's helpful for you
Attachments:
Answered by
1
Given that,
P=Rs.20,000
R=8%
T=2years
As compounded annually, n=2.
Amount at the end of 2 years =P(1+
100
R
)
n
=20000(1+
100
8
)
2
=20000×
100
108
×
100
108
=Rs.23,328
Compound Interest (C.I) =23328−20000=Rs.3328
Similar questions