What will be the compound interest on an amount of Rs 5,000 for a period of 2 year at 8% p.a?
What will be the compound interest on an amount of Rs 5,000 for a period of 2 year at 8% p.a?
(a) Rs 840
(b) Rs 400
(c) Rs 823
(d) Rs 416
(e) None of these
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(e) Amount = Principal ( 1 + Rate / 100 ) Time
= 5000 ( 1 + 8 / 100) 2
= 5000 ( 1 + 2 / 25 ) 2
= 5000 x 27/25 x 27/25
= Rs 5832
There For,
CI = Rs (5832 - 5000) = Rs 832
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