30.0k views
4 votes
Find the compound interest on Rs. 3,500 for 2 years at the rate of 8% per annum.​

User Naresh J
by
8.2k points

1 Answer

2 votes

Answer: The formula for compound interest is:

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

where A is the amount after t years, P is the principal amount, R is the rate of interest per annum, and t is the time period in years.

Here, P = Rs. 3,500, R = 8%, and t = 2 years.

So, the amount after 2 years will be:

A = 3,500(1 + 8/100)^2

= 3,500(1.08)^2

= 3,892.32

Therefore, the compound interest for 2 years will be:

CI = A - P

= 3,892.32 - 3,500

= 392.32

Hence, the compound interest on Rs. 3,500 for 2 years at the rate of 8% per annum is Rs. 392.32.

Explanation:

User Yousef Gamal
by
7.5k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories