Find the compound interest on Rs 8000 at 15% per annum for 2 years, componded annualy.

Rs 2580.00

From the formula for compound interest, we know,

C.I = P(1+$\frac{R}{100})^t$– P

Compound Interest on Rs 8000 for 2  years = 8000(1+$\frac{15}{100})^2$– 8000  

                                                               =  8000($\frac{23}{20})^2$ - 8000

                                                               =  8000($\frac{529}{400}$ - 1)

                                                               = 8000($\frac{129}{400}$)    = Rs 2580.00