Question 436854: Rs.16,000 is given to a person for 2 years on 10% interest what be the compound interest
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Rs.16,000 is given to a person for 2 years on 10% interest what be the compound interest
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A(t) = P(1+(r/n))^(nt)
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A(2) = 16000(1+(0.1/1))^(1*2)
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A(2) = 16000(1+0.1)^2
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A(2) = 16000(1.1^2)
A(2) = 19360
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Interest earned = 19360-16000 = 3360
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Cheers,
Stan H.
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