find the compound interest when principal is 6400 rate 5% per annum and time is 2 years
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principal=6400 ₹ , rate=5% , time=2 years. interest of 1st year= p×r×t. interest of 1st year= 6400×5×1÷100=320 ₹ amount of 1st year= principal of second year. amount at end of 1st year=principal+interest. amount at end of 1st year=6400+320=6720 ₹ interest of 2nd year=6720×5×1÷100=336 ₹ amount at end of 2nd year=6720+336=7056 ₹ compound interest after 2 years=amount-principal of 1st year. compound interest =7056-6400=656 ₹
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