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Find the compound interest on rs 62500 at 8% per annum for 2 years after two it is the formula given
[tex] \frac{3}{4} [/tex]
This is a mixed fraction 234
Find the compound interest on rs 62500 at 8% per annum for 2 years after two it is the formula given
[tex] \frac{3}{4} [/tex]
This is a mixed fraction 234
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Answer:
Compound interest is Rs. 10,400
Step-by-step explanation:
Principal amount = Rs. 62,500
Rate of interest = 8%
Time = 2 years
Therefore,
C.I. = P(1+R/100)² - P
= P[ (1+R/100)² - 1]
=62500[ (100+8/100)² - 1]
= 62500×[ (108×108 - 100×100)/10000]
= 62500 × 1664/10⁴
= 625 × 1664 / 100
= Rs.10,400
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