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What will Rs. 40,000 amount to in 2 years at the rate of 20% p.a., if interest is compounded yearly?
- ARs. 48,620
- BRs. 58,564
- CRs. 57,600
- DRs. 60,000
Answer not set
Discussion 1
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CCommunity
A = P((1 + R/100)n
A = Amount,
P = Principal,
R = rate of interest,
n = time in years
A = 40000(1 + 20/100)2 = 57600
A = Amount,
P = Principal,
R = rate of interest,
n = time in years
A = 40000(1 + 20/100)2 = 57600