what id the compound interest on Rs 540 at 162/3% per annum for 2 years
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Explanation:
Find compound interest on Rs 6250 at 16% per annum for
2 years compounded annually
Compound Interest =[Principal[1+
100
Rate%
]
time
]− Compound Interest
So we know that
Principal =Rs6250
Rate %=16%
Time =2 years
C.I=P[1+
100
R
]
T
−C.I
=6250[1+
100
16
]
2
−6250
=6250[1+
25
4
]
2
−6250
=[6250×
25
29
×
25
29
]−6250
=8410−6250
=RS2160(Anu)
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