Question

Raj lent 56000 to his friend at an annual interest rate of 15% for 2 years. What amount would he receive
at the end of 2 years?
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Answer 1

Answer:

Annual interest for 1st year =s.i=p*r*t/100

56000*15*1/100

560*15*1=8400

amount payable at the end of 1st year=56000+8400=65400

56000+8400=64400

annual interest for 2nd year=64400*15*1/100

644*15*1=9660

amount payable at the end of 2nd year=64400+9660=74060

compound interest for 2 years =74060-56000=18060

Answer 2

Answer =

Step-by-step explanation:

So basically u have to do

15 = annual interest/56000 x 100 switch the sides 15x56000/100 = 8400

And in 2 yrs it'll be 8400 x2 + 16800

We have found that the interest for two years is ₹16800. Now, let’s find the amount that Raj would receive after two years:

Amount = Principal + Interest

= Rs 56000 + 16800

= ₹72800

(simplifying)

Hope u understand