1.

What would be the compound interest obtained on an amount of Rs 6250 at the rate of 8% p.a. for 2 years ?

Answer»

<P> RS. 1040



CI = P[(1 + r/100)t -1]
= 6250 [(1 + 8/100)² -1]
= 6250 [(27/25)² -1]
= 6250 X [729/625 -1]
= 6250x104/625
= 1040



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