Question

Find the amount and the compound interest on Rs 9600 for 2 years at 5% per annum compounded annually.

Answer 1

Answer:

Principal (P) = ₹9600

Rate (R) = 5%

Time (n) = 2 years

Amount (A) = P (1 + R/100)ⁿ

=> A = 9600 (1 + 5/100)²

=> A = 9600 (21/20)²

=> A = ₹10584

Compound Interest = A-P = ₹10584 - ₹9600 = ₹984

Answer 2

₹984 is the right answer

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