Question 54

What will be the compound interest on a sum of ₹ 1200 for 2 years at the rate of 20% per annum when the interest is compounded yearly?

Solution

Amount after 2 years

= P $$( 1 + \frac{r}{100})^2$$

=1200 $$( 1 + \frac{20}{100} )^2$$

= 1728

Interest = 1728 - 1200 = Rs 528

So , the answer would be option d)528

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