Question

What is the compound interest accrued on the principal of 15000 at the rate of 8% per annum compounded annually in 2 years

Answer 1

Answer:2496

Step-by-step explanation:

Amount= principal(1+rate/100)^time

Now p=15000 r=8%

A=15000(1+8/100)^2

=15000*(27/25)*(27/25)

=17496

So interest= A-P= 17496-15000=2496