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  • Find the compound interest on Rs. 8000 at 4% per annum for 2 years compounded annually  Option: 1  R 652.80<div cla

Find the compound interest on Rs. 8000 at 4% per annum for 2 years compounded annually

 

Option: 1

 R 652.80


Option: 2

R 452.80


Option: 3

R 652


Option: 4

R 552.80


Answers (1)

best_answer

Here, P = R 8000, R = 4%, Time = 2 years
Now, according to the formula,
 $\text { Amount }=\mathrm{P}\left(1+\frac{R}{100}\right)^n=8000\left(1+\frac{4}{100}\right)^2=8000 \times \frac{26}{25} \times \frac{26}{25}=\mathrm{R} 8652.80$
∴ CI = R (8652.80 – 8000) = R 652.80

Posted by

Sanket Gandhi

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