Find the compound interest on6400 for 2 years at 55% per annum. – InterviewSolution

1.

Find the compound interest on6400 for 2 years at 55% per annum.

Answer»

For compound interest amount after n years

A = P(1 + R/100)^n

Where P = 6400, R = 11/2, n = 2

A = 6400(1 + 11/200)^2 = 6400(211/200)^2 = 6400/4*(2.11)^2 = 1600*4.45 = 7120

CI = A - P = 7120 - 6400 = Rs 720

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