Question

What will be the compound interest on 7600 at the rate of 5% per annum for 2 years?
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Answer 1

Answer:

Compound Intrest = ₹779

Step-by-step explanation:

P = ₹7600

R = 5%p.a.

T = 2years

C.I. = p × {(1 + r/100)^t - 1}

= 7600 × {(1 + 5/100)^2 - 1}

= 7600 × {(1 + 1/20)^2 - 1}

= 7600 × {(20+1/20)^2 - 1}

= 7600 × {(21/20)^2 - 1}

= 7600 × (441/400 - 1)

= 7600 × 441-400/400

= 7600 × 41/400

= 76 × 41/4

= 19 × 41

= 779