Practicing Success
The compound interest (in ₹, to the nearest integer) on ₹8,950 for 2 years at the rate of 9% per annum, compounded annually, is: |
1,523 1,683 1,685 1,468 |
1,683 |
From the formula for compound interest, we know, C.I = P(1+$\frac{R}{100})^t$– P = 8950 ( 1 + \(\frac{9}{100}\) )² - 8950 = 8950 × \(\frac{109}{100}\) × \(\frac{109}{100}\) - 8950 = 10633.495 - 8950 = 1683.495 = 1683 ( nearest Integer ) |