Correct Answer: Option D

Explanation

Principal (P) = ₦15,700

Rate (R) = 8

Number of years (t) = 2

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

⇒ A = 15700 \((1+\frac{8}{100})^2\)

⇒ A = 15700 (1 + 0.08)\(^2\)

⇒ A = 15700 (1.08)\(^2\)

⇒ A = 15700 x 1.1664

⇒ A = ₦18,312.48

Total amount, A = ₦18,312.48

A = P + CI

⇒ CI = A - P

⇒ CI = 18,312.48 - 15,700

∴ CI = ₦2,612.48

There is an explanation video available below.

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