Question

The compound interest on 50000 at 8 % per annum for 2 years, compounded annually, is​

Answer 1

Answer:

Step-by-step explanation:

Principle = p = 50,000

Rate of interest = 8%

Time = 2 yrs

Solution:

$\boxed{CI = p(1+i)^n-1}$

$\bold{CI = 50,000(1+0.08)^2-1}$

$\bold{CI = 50,000(1.08)^2-1}$

$\bold{CI = 50,000(0.1664)}$

$\bold{CI = 8,320}$