Question

Find the compound interest on the sum of Rs 8000 at 5%per annum on 2 years compounded annualy

Answer 1

160 rupee in 2 years

Answer 2

Greetings..!

Please find your solution in the attached picture.

Remember the formula used for finding Compound Interest when given time,procedure for compounding,Principal and Rate Percent,given below :

Amount = Principal{1+R/100}ⁿ

Compound Interest = Amount - Principal

Here, ⁿ is taken as time .