Question

Calculate the compound interest on Rs 62,500 for 2 years at 8% per annum when compounded annually

Answer 1

Answer:

Step-by-step explanation:

8/100 x 62500

= 8/1 x 625 = 5000

For 2 yrs = 5000x2 = 10000

Total money we need to pay per year = 62500 / 2

= 31250 + 5000 = 36250

Answer 2

Step-by-step explanation:

Interest=Amount-Principal=7034-62500=7804.

Hence the amount is Rs.70304 and Compound interest is Rs.7804