Question

find compound interest of p=10500 8%p.a 2 years

Answer 1

Interest on the first year = P×R×T/100
10500×8×1/100
840
Amount at the end of first year = 10500+840 = 11340
P = 11340
interest on second year = 11340×8×1/100 = 907.20
Amount at the end of second year = 11340+907.20 = 12247.20
Compound interest for 2 years = final amount - principal
12247.20 - 10500 = 1747 .20
Answer is 1747.20
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