What amount henna has to pay at the end of 2 years on a sum of rs 20000 at an interest of 8% compounded annually? Find compound interest
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Answer:
Given that,
P=Rs.20,000
R=8%
T=2years
As compounded annually, n=2.
Amount at the end of 2 years =P(1+
100
R
)
n
=20000(1+
100
8
)
2
=20000×
100
108
×
100
108
=Rs.23,328
Compound Interest (C.I) =23328−20000=Rs.3328
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