find the compound interest on 62 500 at 8 for 2^1/2
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Answer:
Step-by-step explanation:
Amount = principle(1 + rate/100)^2.5
Where, principle = 62500
Rate = 8
Year = 2.5
Amount = 62500 x 108/100 x 108/100 x 104/100
Amount = 62500 x 27/25 x 27/25 x 26/25
Amount = 75816rs
For determining compound interest
Amount - principle = 75816 - 62500
Compound interest = 13316rs
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