Question : Find the compound interest on Rs. 8000 at 15% per annum for 2 years (compounded annually).
Option 1: Rs 2580
Option 2: Rs 2450
Option 3: Rs 2400
Option 4: Rs 2550
Answer (1)
12th Jan, 2024
Correct Answer: Rs 2580
Solution :
Amount =
Amount = 8000×
⇒ A =
⇒ A = 10,580
Now, the compound interest (CI) can be calculated using the formula:
CI = A − P
⇒ CI = 10,580 − 8000
⇒ CI = 2,580
Hence, the correct answer is Rs. 2,580.
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