What is the compound interest on Rs 8000 at 20% per annum for 2 years, compounded annually?
Answer and explanation
Correct answer: D. Rs 3520
- Step 1: Amount = P(1 + R/100)^2 = 8000 x 1.2^2 = 11520.
- Step 2: CI = Amount - P = 3520.
Answer
Rs 3520.
Practise more Arithmetic: Profit, Interest and Percentages.
Free questions with an explanation for every one, and full timed CLAT UG mock tests.
More Arithmetic: Profit, Interest and Percentages questions
- What is 25% of 1500?
- What is 15% of 1200?
- A trader buys an article for Rs 1200 and sells it at a profit of 15%. What is the selling price?
- A number increases from 500 to 700. What is the percentage increase?
- An article is sold for Rs 900 at a loss of 25%. What is its cost price?
- What is the compound interest on Rs 8000 at 10% per annum for 2 years, compounded annually?