Question

Bose saves ₦20,000 at 10% per annum compound interest . how much will she collect after 2 years

Answer 1

Answer:

hope it help you

Step-by-step explanation:

Example: Henry borrowed Rs. 5000 for 4 years at an interest rate of 5% from a bank. How much of interest is that?

We know,

S.I.=\dfrac{P \times R \times T}{100}

Here P= Rs. 5000, R= 5%, T= 4 years

So,

I=\dfrac{5000 \times 5 \times 4}{100}=Rs. 1000

Ans: Henry has to pay Rs. 1000 as interest.