What is the compound interest on Rs. 8000 at the rate of 10% per annum compounded annually for 2 years? Options Rs. 1600 Rs. 1760 Rs. 1680 Rs. 1840
Question
What is the compound interest on Rs. 8000 at the rate of 10% per annum compounded annually for 2 years?
Options
Rs. 1600
Rs. 1760
Rs. 1680
Rs. 1840
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Solution 1
The formula for compound interest is A = P (1 + r/n)^(nt), where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal).
- n is the number of times that interest is compounded Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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