What is the compound interest (in ₹) on ₹8000 at per annum for 2 years, compounded annually?
Answer and explanation
Correct answer: A. 3520
- Step 1: Identify the principal , annual compounding rate , and period .
- Step 2: Calculate the total compound maturity amount: .
- Step 3: Subtract the initial principal to determine compound interest: .
Answer
3520.
Practise more Simple and compound interest.
Free questions with an explanation for every one, and full timed Banking (IBPS / SBI PO) mock tests.
More Simple and compound interest questions
- What is the simple interest (in ₹) on ₹1000 at per annum for years?
- What is the simple interest (in ₹) on ₹4000 at per annum for years?
- What is the simple interest (in ₹) on ₹1000 at per annum for years?
- What is the simple interest (in ₹) on ₹2500 at per annum for years?
- What is the simple interest (in ₹) on ₹4000 at per annum for years?
- What is the simple interest (in ₹) on ₹8000 at per annum for years?