Find the compound interest on ₹2500 for 2years at 8% per annum
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Answer: 416
Step-by-step explanation:
Compound Interest = Amount - Principal
A = P (1 +R/100)^n
= 2500 (1+8/100)^2
= 2500 * 108/100 * 108/100
= 29160000 / 1000
= 2916
Amount = 2916
Compound Interest = 2916 - 2500
= 416
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