What is the amount for a sum of money Rs.7500 at 6% rate of interest Compound Interest for 2 years?
Answer & explanation
Correct answer: option 1
Compound interest 1st year - 7500 @ 6% = 450
Compound interest 2nd year - 7950 @ 6% = 477
Thus, the compound interest for 2 years = 927 or amount = 7500 + 927 = 8427