Question

Find the compound interest on Rs. 6400 for 2 years, compounded annually at 7.5% per annum. ​

Answer 1

Answer:

996

Step-by-step explanation:

p=6400(p=principle)

rate=7.5 p.a

CI=?(CI=compound interest),I=interest ,A=amount

I=6400×7.5/100

I=48000/100

I=480

amount after first year= 6400+480=6880

now,

p=previous amount i.e; 6880

rate=7.5

I=6880×7.5/100

I=51600/100

I=516

amount after 2nd year =6880+516=7396

CI=A-first p

CI=7396-6400

CI=996