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Find the compound interest on Rs 7400 for 2 years, compounded annually at 8.5% per annum. 1). Rs. 14502). Rs. 9883). Rs. 1086 4). None of the above |
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Answer» ⇒ Compounded Amount = Principal {1 + (rate/100)}TIME = 7400{1 + (8.5/100)}2 = 7400 × (1.085)2 = 8711.465 ∴ INTEREST = Amount – principal = 8711.465 – 7400 = Rs. 1311.465 |
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