Question

find the compound interest on rupees 8000 for 2years at 6% per annum.

Answer 1

Given-
R= 6%
T= 2 years

P for the 1st year

Interest for the 1st year=(8000×6×1)/100=480
Amt at the end of 1st year=(8000+480)=8480


P for 2nd year= 8480
Interest for the 2nd year=8480×6×1/100=508.8
Amt at the end of 2nd year=8480+508.8=8988.8
Compound Interest= (8988.8-8000)=988.8