Compound Interest Practice Test 2

Question : 10 of 40

Marks: +1, -0

Find the compound interest received on Rs 15.5 lakh for 2 years at 6.5% p.a.

Solution:

CI = 15,50,000 (1+6.5/100)^2-15,50,000

=15,50,000[(106.5/100)^2-1]

15,50,000×134225/1000000

≈ 2,08,048

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