Question
What is the interest earned when Rs. 4000 is invested
for 2 years in a scheme which offers compound interest (compounded every 12 months) of 25% p.a.Solution
Time period = 24 ÷ 12 = 2 terms of 12 months each Effective rate of interest = 25 × (12/12) = 25% So, interest earned = 4000(1 + 25/100)² – 4000
= 4000 × (125/100)² – 4000
= 4000 × 1.5625 – 4000
= 6250 – 4000 = Rs. 2250
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