Question

Find the compound interest on rupee 1400 for 2 years at 5% per annum.
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Answer 1

P= 1400

T=2years

R=5 percent p.a

$compound \: \: interest = p{(\: 1 + } \frac{r}{100} ) {}^{n} - 1$

=1400(1+5/100)^2-1

=1400(105/100)^2-1

=1400×105/100× 105/100-1

=1543.5 - 1

=1542.5. (Answer)

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