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Question

Calculate the compound interest for Rs 4800 for 2 years at 5% per annum compounded annually.

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Solution

Given:-
P=Rs.4800
n=2 years
R=5

As we know that,
A=P(1+R100)n

A=4800(1+5100)2

A=4800(2120)2

A=4800×21×2120×20=5292

Therefore,
Compound interest
=AP=52924800=Rs.492

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