Question
Download Solution PDFCalculate the compound interest on Rs. 4000 for 2 years at 20% per annum when compounded annually.
This question was previously asked in
Bihar STET TGT (Science) Official Paper-I (Held On: 08 Sept, 2023 Shift 1)
Answer (Detailed Solution Below)
Option 1 : 1760
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Bihar STET Paper 1 Social Science Full Test 1
150 Qs.
150 Marks
150 Mins
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 4000, Time = 2 years, Rate = 20%
Formula used:
A = P(1 + r/100)n
Calculation:
A = P(1 + r/100)n
⇒ A = 4000[(1 + 20/100)2
⇒ A = 4000 × (6/5) × (6/5)
⇒ A = 5760
CI = 5760 - 4000 = 1760
∴ The answer is 1760.
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