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Simple & Compound Interest · Question 26 of 60

Question 26

EasyOriginal question

What is the compound interest on ₹5,000 at 8% per annum for 2 years, compounded annually?

Options for question 26

Show the answer and explanation
CorrectNot quiteAnswer C

Correct answer: C

Explanation

  1. Amount = 5000×(1.08)2=5000×1.1664=58325000 \times (1.08)^2 = 5000 \times 1.1664 = 5832.

  2. CI = ₹5,832 − ₹5,000 = ₹832.

Worth noting

₹800 is the simple interest. ₹5,832 is the amount; the question asks only for the interest.

Concept
Compound interest for 2 years
Typical time
40 s
Your time
—
The rule this testsCompound interest
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Ten questions from Simple & Compound Interest, at your own pace.

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