Find the compound interest on Rs. 2,000 at per annum for years.
Answer and explanation
Correct answer: B. Rs. 420
- Step 1: Amount after 2 years . Step 2. Compound interest . Answer: Rs. 420. Why not the others: Rs. 400 is what you get if you use simple interest. Rs. 2,420 is what you get if you give the total amount. Rs. 600 is what you get if you add three years of interest.
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