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Question 147
What is the compound interest accrued on an amount of Rs. 12000 at the rate of 9 p.c.p.a. at the end of 2 years.
Solution
Total amount under compound interest
= $$12000 (1 + \frac{9}{100})^2$$
= $$12000 \times 1.09 \times 1.09$$
= $$14257.2$$
$$\therefore$$ Compound Interest = 14257.2 - 12000
= Rs. 2,257.2
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