Question

Find the compound interest on rs.3200 at 2.5% per annum for 2 years, compounded annually

Answer 1

Compound interest would be Rs. 162.

Step-by-step explanation:

Since we have given that

Principal = Rs. 3200

Rate of interest = 2.5%

Time = 2 years

So, we need to find the compound interest.

So, it becomes,

$CI=P[(1+\dfrac{r}{100})^n-1]\\\\CI=3200[(1+\dfrac{2.5}{100})^2-1]\\\\CI=3200[(1+0.025)^2-1]\\\\CI=3200[(1.025^2-1]\\\\CI=162$

Hence, Compound interest would be Rs. 162.

# learn more:

Find the compound interest on 3200 Rupees at 2.5 % per annum for 2 years compounded annually​

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