Question

Find the amount at the end of 2 year on rupees 1000 at 4% p.a. compounded annually

Answer 1

Step-by-step explanation:

Compounded Interest = p(1+r/100)^t

= 1000(1 + 4/100)²

= 1000{(100 + 4)/100}²

= 1000(104/100)²

= 1000 × 104/100 × 104/100

= (104 × 104)/10

= 1456/10

= 145.6