Question

Find Compound Interest on Rs.5500 for 2 years at 12% compounded annually.

Answer 1

5500((1+12)/100)^2

5500((25+3)/25))^2

5500(28/25)(28/25) =

Answer 2

Formula

compound interest = p(1+r/100)^t

Given

p = ₹5500

t=2year

r=12%

Now

C.i = 5500(1+12/100)^2

Ci = 5500(112)^2/1000

Ci= ₹6899.2