Question 105

How much will be the compound interest to be paid on a principal amount of rs 53000 after 2 years at the rate of 4 p.c.p.a ?

Solution

Principal + Interest = (1+r)^n

where, r= rate of interest in decimal

n= number of years

Total amount = 53,000+(1+.04)^2= 57324.8

Interest = 57324.8-53000=4324.8


Create a FREE account and get:

  • Banking Quant Shortcuts PDF
  • Free Banking Study Material - (15000 Questions)
  • 135+ Banking previous papers with solutions PDF
  • 100+ Online Tests for Free

cracku

Boost your Prep!

Download App