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