Find the compound intrest of 50,000 at 8% per annum for 2 years compounded annually
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Answer:
Step-by-step explanation:
Principle = P = Rs 50,000
Time = T = 2 years
Rate of interest = R = 8%
∴ Compound Interest = C.I. = P ( 1 + R / 100 )²
C.I . = 50000 ( 1 + 8 / 100 ²
= 50000 ( 100 + 8 / 100 )²
= 50000 ( 108 / 100 )²
= 50000 × (27 / 25 )²
= 50000 ×( 729 / 625 )
= (50000 × 729 / 625 )
= Rs 58,320 is the answer
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