Answer:
The compound interest on Rs 48000 for one year at 8% per annum when compounded annually is Rs 3840.
Step-by-step explanation:
Given, principal amount (P) = Rs 48000
Rate of interest (R) = 8% per annum
Time (n) = 1 year
Formula for calculating compound interest is:
A = P(1 + R/100)^n
where A is the amount, P is the principal, R is the rate of interest, and n is the time period.
Substituting the given values in the formula, we get:
A = 48000(1 + 8/100)^1
A = 48000(1.08)
A = 51840
Amount (A) = Rs 51840
Compound interest (CI) = A - P
CI = 51840 - 48000
CI = 3840
Therefore, the compound interest on Rs 48000 for one year at 8% per annum when compounded annually is Rs 3840.
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Verified answer
Answer:
The compound interest on Rs 48000 for one year at 8% per annum when compounded annually is Rs 3840.
Step-by-step explanation:
Given, principal amount (P) = Rs 48000
Rate of interest (R) = 8% per annum
Time (n) = 1 year
Formula for calculating compound interest is:
A = P(1 + R/100)^n
where A is the amount, P is the principal, R is the rate of interest, and n is the time period.
Substituting the given values in the formula, we get:
A = 48000(1 + 8/100)^1
A = 48000(1.08)
A = 51840
Amount (A) = Rs 51840
Compound interest (CI) = A - P
CI = 51840 - 48000
CI = 3840
Therefore, the compound interest on Rs 48000 for one year at 8% per annum when compounded annually is Rs 3840.