Question

what is the compound interest on Rs.48000/- for 2 years at 20% p.a, if interest is compounded annually?

Answer 1

Answer:

21120

Step-by-step explanation:

1st year interest

p=48000

t=1

r=20

I=P×T×R/100

=48000×1×20/100

=9600

2nd year interest

p=48000+9600=57600

t=1

r=20

I=P×T×R/100

=57600×1×20/100

=11520

total compound interest=9600+11520=21120