Question 70
A sum of ₹3000 is invested on compound interest (compounded annually) at the rate of interest is 20% per annum. What is the compound interest for 2 years?
Solution
Amount after 2 years :
$$P(1 + \frac{r}{100})^2 = 3000(1 + \frac{20}{100})^2 = 4320$$
Compound Interest = 4320 - 3000 = 1320
So, the answer would be option c)1320
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