Question

Find out the amount paid by the bank on Rs 8000 for 2 years at 5% per annum when interest is compounded annually. Also find the compound interest

Answer 1

$\huge\purple { Step\ by\ step\ explanation }$

Principal = 8000 rupees (given)

Rate = 5%

Time = 2 years

Amount = P{1+(R/100)}^T

Amount = 8000{1+(5/100)}^2

Amount = 8000(441/400)

Amount = 8820

Compound interest = A - P

= 8820 - 8000

= 820 rupees

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