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Question

Arif took a loan of Rs. 80,000 from a bank. If the rate of interest is 10% per annum, find the amounts he would be paying after 112 years if the interest is compounded annually.

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Solution

i)
A=P(1+r100)n×(1+br100)=80000(1+10100)(1)×(1+0.5×10100)=80000(1.1)(1.05)=92400

Amount =Rs.92,400

ii)
A=P(1+r200)2n×(1+br100)=80000(1+10200)(2×1)×(1+0.5×10100)=80000(1.1025)(1.05)=92610

Amount =Rs.92,610

Difference =Rs.210

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