Mathematics
Find the amount and the compound interest on ₹8000 at 5% per annum for 2 years.
Compound Interest
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Answer
Principal for first year = ₹8000.
Interest for the first year = ₹ = ₹400.
Amount after one year = ₹8000 + ₹400 = ₹8400.
Principal for the second year = ₹8400.
Interest for the second year = ₹ = ₹420.
Amount after 2 years = ₹8400 + ₹420 = ₹8820.
Compound interest for 2 years = Final amount - Principal = ₹8820 - ₹8000 = ₹820.
Hence, the amount and compound interest on ₹8000 at 5% per annum after 2 years is ₹8820 and ₹820 respectively.
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