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Question

The compound interest on $R s 5, 000$ at $4 %$ per annum for $2$ years compounded annually will be
$R s .806$
$R s .708$
$R s .5, 408$
$R s .408$

A

R s .806

B

R s .708

C

R s .408

D

R s .5, 408

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Solution

Verified by Toppr

Given, $P = 5000$
$R = 4 %$
$T = 2 y r s$

for compound interest,

$A = P (1 + \frac{R}{100})^{T}$

$A = 5000 (1 + \frac{4}{100})^{2} = 5000 \times (\frac{104}{100})^{2} = 5408$

$C I = A - P = 5408 - 5000 = 408$

Option $D$ is correct

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