Question

find the compound interest using the simple interest formula on a sum of rupees 20000 for 2 years at the rate of 8% per annum

Answer 1

SI=20000×8×1/100
= ₹1600
Amount
=SI+P
=20000+1600
=₹21600
second year
P=₹21600

SI= 21600×8×1/100
=₹1728

CI=1600+1728
=₹3328 Ans