Question

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 ​

Answer 1

Step-by-step explanation:

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Answer 2

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

Step-by-step explanation:

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