Find the compound interest (CI) on ₦15,700 for 2 years at 8% per annum compounded annually.

Step 1: Write down the compound interest formula
A = P(1 + r)ⁿ
Where P = Principal, r = rate, n = time in years

Step 2: Identify the values
P = ₦15,700
r = 8% = 8/100 = 0.08
n = 2 years

Step 3: Calculate the amount (A)
A = 15,700 × (1 + 0.08)²
A = 15,700 × (1.08)²
A = 15,700 × 1.1664
A = ₦18,312.48

Step 4: Calculate Compound Interest
CI = Amount – Principal
CI = ₦18,312.48 – ₦15,700
CI = ₦2,612.48