ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$220.50
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$457.60
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$660.60
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237.60
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Detailed explanation-1: -’Find the total amount of interest to the nearest cent if the interest $ comi unded annually. $2750at 8% for 2 years P-S2750 0.08 years Total interest =Accrued Amount $ $2750 =$ 457.60’
Detailed explanation-2: -The amounts of ₹ 7500 at compound interest at 4% per annum for 2 years, is: ₹ 8100.
Detailed explanation-3: -Q. The formula to calculate the amount when principal is compounded annually is given by A=P×(1+R100)n. Q. By using the formula, find the amount and compound interest on: In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when compounded annually ?
Detailed explanation-4: -On what sum will the compound interest at 5% per annum for 2 years compounded annually be Rs 164? Hence, Principal = Rs. 1600.