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Question
Find the compound interest on ₹ 3200 at 2.5% p.a for 2 years, compounded annually
Solution
Principal (P) = ₹ 3200
r = 2.5% p.a
n = 2 years compound annually
∴ Amount (A) = `(1 + "r"/100)^"n"`
= `3200(1 + 25/100)^2`
= 3200 × (1.025)2
= 3362
Compound interest (C.I.) = Amount – Principal
= 3362 – 3200
= 162
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