Question

Sameer gave a loan of ` 55,000 to Deepak for a period of two years at 16% per annum compounded yearly. How much interest will Sameer earn?

Give correct answer, don't write anything like hi hello or thx for free points or else i am gonna report it ...

Answer 1

Answer:

$i = \frac{p \times r \times t}{100} \\ \\ i = \frac{55000 \times 16 \times 1}{100} \\ \\ i = 550 \times 16 \times 1 \\ \\ i = 8800 \\ \\ hence \: \: intrest \: \: will \\ be \: \: 8800$