find amount and compound interest on rs1600 for 2 years at 15% interest bieng anually
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Hello there
Answer will be Rs. 900
How I/You or We calculate this.
Compound interest = P (1 + i)n - P,
where P is the principal amount “i” is the rate of interest (not in percentage)
n is the time period
So, CI = 1600(1 + 0.25)2 - 1600
= 1600 × 1.5625 - 1600
= 2500 - 1600 = ₹ 900
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