What amount Harish has to pay at the end of 2 years on sum of Rs 40000 at an
interest rate of 16% compounded annually?
with steps
Answers
Answered by
2
Answer:
40,000, R = 16%, n = 2. Amount paid by Harish at the end of 2 years is Rs. 53,824.
Answered by
2
Answer:
40,000, R = 16%, n = 2. Amount paid by Harish at the end of 2 years is Rs. 53,824.
Step-by-step explanation:
We know that, formula for compound interest,
A = P(1+R100)n
Where, P = principle
N = no. of years
P = Rs. 40,000, R = 16%, n = 2.
A = 40000(1+16100)2
A = 40000(1+0.16)2
A = 40000(1.16)2
A = 40000 × 1.3456
A = Rs. 53,824
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