Question 11

A sum of Rs 8000 is borrowed at compound interest at the rate of 7% per annum. What will be the amount (in Rs) after 2 years?

Solution

Principal sum = Rs. 8000

Rate of interest = 7% and time period = 2 years

Amount under compound interest = $$P(1+\frac{R}{100})^T$$

= $$8000(1+\frac{7}{100})^2$$

= $$8000(\frac{107}{100})^2$$

= $$8\times\frac{11449}{10}$$

= $$\frac{91592}{10}=Rs.$$ $$9159.2$$

=> Ans - (C)

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