find the amount and the compound interest on 8000 at 5% per annum for 2 years please explain don't spam
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find the amount and the compound interest on 8000 at 5% per annum for 2 years please explain don't spam
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Answer
Step-by-step explanation:
Given:
To Find:
Now, we know that,
=> Amount = P[1 + (R/100)]ⁿ
=> Amount = 8000[1 + (5/100)]²
=> Amount = 8000[1 + (1/20)]²
=> Amount = 8000[(20 + 1)/20]²
=> Amount = 8000(21/20)²
=> Amount = 8000 × 441/400
=> Amount = 20 × 441
=> Amount = Rs. 8820
Hence, Amount = Rs. 8820.
Now, we will calculate Compound Interest (CI).
=> CI = Amount - Principal Amount
=> CI = 8820 - 8000
=> CI = Rs. 820
Hence, CI = 820