Discussion
Find the compound interest on ₹16,540 for 2 years at 16% per annum compounded annually.
Answer: A
The compound interest is Rs 5,716.22. For two years at 16 per cent compounded annually, the amount is the principal multiplied by 1.16 twice, and the interest is the amount less the principal.
\[ 1.16^2 = 1.3456 \]
\[ A = 16540 \times 1.3456 = 22256.22 \]
\[ CI = 22256.22 - 16540 = 5716.22 \]
The options 6,716.22 and 7,716.22 differ from this by whole thousands and do not come from the calculation, and 8,000 is a rounded figure that does not match 16 per cent for two years on this sum.
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