Compute the compound interest on ₹ 2560 for one at 25/2 % per annum compounded annually.
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Answer:
Step-by-step explanation:
Compound Interest = P[1+R/100]^N - P
By using the above formula,
2560[1+25/2/100]^1 - 2560
= 2560 [ 9/8]^1 - 2560
= 2880 - 2560
= 320
Therefore, the compound interest will be Rs. 320.
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