Simple & Compound Interest · Question 19 · Easy
What is the compound interest on ₹5,000 at 20% per annum for 2 years, compounded annually?
- ₹2,000
- ₹2,200
- ₹7,200
- ₹2,400
Answer and explanation
Answer: B. ₹2,200
Explanation: Amount = 5000 × 1.2 × 1.2 = ₹7,200. CI = 7200 − 5000 = ₹2,200.
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