complete the compound interest on rupees 8000 for 2 years 13/2 quarterly
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Answer:
Compound interest = 8820 - 8000
Step-by-step explanation:
Given : A sum of rs 8000 for 2 years at 5% per annum compounded annually.
To find : The compound interest ?
Solution :
The compound interest formula,
A=P(1+r)^tA=P(1+r)
t
Principal=8000
Rate = 5%=0.05
Time = t= 2 years
Substitute the values,
A=8000(1+0.05)^2A=8000(1+0.05)
2
A=8000(1.05)^2A=8000(1.05)
2
A=8000\times 1.1025A=8000×1.1025
A=8820A=8820
The amount is Rs.8820.
Compound Interest = Amount -Principal
Compound interest = 8820 - 8000
Compound Interest = Rs.820.
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