Simple & Compound Interest · Question 25 · Medium
Simple & Compound Interest question 25
Find the compound interest on ₹25,000 for 2 years if the rate of interest is 5% for the first year and 8% for the second year, compounded annually.
- ₹3,350
- ₹3,250
- ₹3,281.25
- ₹3,400
Answer and explanation
Answer: A. ₹3,350
Explanation: Amount = 25000 × 1.05 × 1.08 = ₹28,350. CI = 28,350 − 25,000 = ₹3,350.
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