Find the compound interest for rs.18,800 ,calculated for 2 years at 13% rate of interest compounded annually

For compound interest, the formula is given below:

Amount =

Here, P = 18,800

n = 2

r = 13/100

So, Amount =

= 18,800 × 1.2769

= 24005.72

Compound Interest = Amount - Principal

Compound Interest = 24005.72 - 18800

= 5205.72

Hence, the compound interest for Rs.18,800, calculated for 2 years at 13% rate of interest compounded annually is Rs.5205.72.

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step-by-step explanation:

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