Find the compound interest on Rs. 8000 at 4% per annum for 2 years compounded annually
R 652.80
R 452.80
R 652
R 552.80
Here, P = R 8000, R = 4%, Time = 2 years Now, according to the formula, Amount =P(1+R100)n=8000(1+4100)2=8000×2625×2625=R8652.80 ∴ CI = R (8652.80 – 8000) = R 652.80
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