VASU RECEVIED A SUM OF RS.5000 AS A LOAN FROM THE BANK. IF THE RATE OF INTEREST IS 51/2% PER ANNUM COMPOUNDED ANNUALLY. CALCULATE THE COMPOUND INTEREST THAT VASU PAYS AFTER 2 YEARS.
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A=p[1+r%]^n
=5000[1+51/200]^2
= 5000*251/200*251/200
= 7875.13
So compound interest = 7875.13-5000
=₹285.13
=5000[1+51/200]^2
= 5000*251/200*251/200
= 7875.13
So compound interest = 7875.13-5000
=₹285.13
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