Question

Find the compound interest on Rupees 1600 at 7 1/4 percent annum for 2 years.

Answer 1

Answer:

618.41

Step-by-step explanation:

As we have given that the principal=1600 Rs and time=2 years and

Rate of interest=$\dfrac{71}{4}=17.75%$

We need to find the compound interest on the following data

So the C.I for the 1st year will be

$1600\times\dfrac{17.75}{100}=284$

So the total interest would be=284+1600=1884

Now the interest for the 2nd year would be

$1884\times\dfrac{17.75}{100}=334.41$

So the total interest would be=334.41+1884=2218.41

Therefore the interest in 1600 for 2 years would be

=$2218.41-1600=618.41$