Question

Find the compound interest on rupees thousand at 2% for 2 years 1 month compounded annually.​

Answer 1

Answer:

Rs 42.11

Step-by-step explanation:

Formula =

$CI=[P(1+R/100)^n]$

=[1000(1+2/100)^2.083]                         ---{convert 2yrs and 1 month into years}

=Rs 42.11