What is the compound interest on ₹8000 for 2 years at 10% per annum?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 1680.
Amount = P × (1 + )T
CI = Amount − P
Amount = 8000 × (1 + )2
⇒ 8000 × ()2
⇒ 8000 × = ₹9680
CI = 9680 − 8000 = ₹1680