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Question 67
What will be the compound interest on a sum of Rs. 9000 at compound interest compounded annually at 8% per annum in two years ?
Solution
Principal amount, $$P = Rs. 9,000$$
Time = 2 years and rate of interest = 8% under compound interest
=> $$C.I. = P [(1 + \frac{R}{100})^T - 1]$$
= $$9000 [(1 + \frac{8}{100})^2 - 1]$$
= $$9000 [(\frac{27}{25})^2 - 1] = 9000 (\frac{729}{625} - 1)$$
= $$9000 \times \frac{104}{625}$$
= $$14.4 \times 104 = Rs. 1,497.6$$
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