compound interest on rs 40000 for 2 years at 8% per annum compound annually
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Answer:
As per given question,
Amount for the first year:
A=P(1+
100
R
)
n
=40000(1+8/100)
1
=40000×108/100=Rs. 43200
Now, amount for the second year:
A=P(1+
100
R
)
n
=43200(1+8/100)
1
=43200×108/100=Rs. 46656
Compound interest =Amount−Principle
Rs. 46656−Rs. 43200=Rs. 3456
Step-by-step explanation:
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