Question

Find the compound interest on ₹ 15,000 for two years at 8 % per annum.

Answer 1

Question:

Find the compound interest on Rs.15000 for two years at 8% per annum

Solution:

Formula to calculate Amount = A=P(1+r/100)

Given,P=15000

R=8%

T=2 years

=15000(1+8/100)

=15000(1.08)

=16,200

So,amount of two years is 16,200

Now,

calculate compound interest

Formula= Amount-Principal

Here,Amount=16200

Principal=15000

So,

16200-15000

=1200

So,the compound interest for two years is 1200

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