Question

*Calculate the compound interest if P= Rs. 250000 , R= 8% p.a, N= 2 years.*

1️⃣ Rs. 2,91,600
2️⃣ Rs. 2,50,000
3️⃣ Rs. 41,600
4️⃣ Rs. 29,100
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Answer 1

Compound interest = principal * (1 + rate) ^ number of years
Hence = 250,000 * (1+8/100)^ 2
= 250,000*1.08^2
= 250,000*1.1664
= 291600