Question

The simple interest on a certain sum of money at 8% p.a. for 2 years is Rs 2160. If the interest is compounded annually.Find the compound interest.​

Answer 1

Answer:

Compound interest is Rs 2246.4 .

Step-by-step explanation:

Given :-

Rate of interest is 8%.

Time period is 2 years.

Simple interest is Rs 2160.

To find :-

Compound interest.

Solution :-

First we will find principal for finding compound interest. So, Using simple interest we will find principal.

\boxed{\bold{Simple \: interest = \dfrac{P \times r \: times t}{100} }}

Simpleinterest=

100

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