What will be the compound interest on rupees 7600 @ 5% per annum for 2 years I want the answer with explanation
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Given
Principal = 7600
Rate. = 5% p.a.
Time. = 2 years
Amount = Principal ( 1+ rate/100) to the power n
Amount = 7600(1+5/100) to the power 2
= 7600(105/100) to the power 2
= 7600* 105/100 * 105/100
= 8379
: Compound interest = Amount - Principal
= 8379 - 7600
= 779
Principal = 7600
Rate. = 5% p.a.
Time. = 2 years
Amount = Principal ( 1+ rate/100) to the power n
Amount = 7600(1+5/100) to the power 2
= 7600(105/100) to the power 2
= 7600* 105/100 * 105/100
= 8379
: Compound interest = Amount - Principal
= 8379 - 7600
= 779
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