Question

Kamala borrows an amount of 8000 to buy a refrigerator. If the rate of interest is 15% per annum, compounded annually, find the amount to be paid by her at the end of two years. ​

Answer 1

Step-by-step explanation:

principal = 8000

rate = 15%

here, 15% of 8000 is 1200

so ,, interest of two years = 2*1200 which is 2400

total amount to be paid = 8000+1200+1200= 10400

Answer 2

Answer:

Kamala should be paid amount 10580 that is future value of 8000.

Step-by-step explanation:

P= 8000

I= 15%

m= 1

t= 2

A= P(1+I/m)^t×m

A= 8000(1+15%/1)^2×1

A= 10580