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Question

Find the amount and the compound interest on Rs5000 for 2 years at 6% per annum interest payable yearly

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Solution

given that (p)principal=5000 Rs
(r)interest rate =6%
(n) time in years = 2 years
compound interest=P[1+r100]n
= 500[1+6100]2
= 5000×(106100)2
= 5000×(106)2100×100
= 0.5×(106)2
= 5618 Rs
compound interest = 5618 Rs

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