Find compound interest on Rs. 7500 at 4% per year for 2 years, compounded annually.
Find compound interest on Rs. 7500 at 4% per year for 2 years, compounded annually.
Answer/Solution
612
Steps/Work
Amount = Rs [7500*(1+(4/100)2] = Rs (7500 * (26/25) * (26/25)) = Rs. 8112.
therefore, Compound Interest = Rs. (8112 - 7500) = Rs. 612.
Answer is E.
therefore, Compound Interest = Rs. (8112 - 7500) = Rs. 612.
Answer is E.