what will be 7 upon 2 years compound interest at the rate of 20% of₹20000
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Answer:
Step-by-step explanation:
Lets simplify the years
7/2 means 3.5
Then the rate for 3 years is 20% and for 6months it will be 10%
Amount = 20000 x 120/100 x 120/100 x 120/100 x 110/100
Amount = 20000 x 6/5 x 6/5 x 6/5 x 11/10
Amount = 20000 x 216 x 11/1250
Amount = 16 x 216 x 11
Amount = 38016
Compound interest = amount - principle
Compound interest = 38016 - 20000
Compound interest = 18016
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