Question

Find compound interest on rs 8000 at 15% per annum for 2 years 4 month,compounded annually.

Answer 1

Amount=p(1+R/100)^t

=8000(1+15/100)^2*1/3

=8000(1+3/20)^2(1=3/20*3

=8000*23/20*23/20*21/20

=RS.11109

so,compound interest=RS(11109-8000)=RS.3109