Principle is ₹40000. Rate of interest 8% p.a. compounded annually. Time is 2 years. Find compound interest
Answers
Answer:
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Step-by-step explanation:
a) We shall use the formula, for compound interest, A= P(1 + R/100)ⁿ
Given, Principal P = Rs 40000
Rate R = 8%
Amount = 40000(1+8/100)¹
= 40000 x 108/100
= Rs 43200
Compound interest = Amount - Principal
= 43200- 40000 = Rs 3200
b) Amount for 1st year becomes principal for second year
Principal for second year = Rs 43200
c) Amount for 2nd year = P(1 + R/100)ⁿ
= 43200(1 + 8/100)¹
= 43200 x 108/100
= Rs 46656
Compound interest = Amount - Principal
= 46656 - 43200 = Rs 3456
d) For period of two years, we have already calculated amount to be Rs 46656
Hope it helps you :-)
Step-by-step explanation:
A = p (1+r/n )^nt
p is principle
n is number of times interest applied per time period
t is number of time periods elapsed
r is intrest rate
A is final amount
hope it is helpful