Sandeep deposited ₹ 25000 in a bank which pays 8% interest compounded annually. How much wourld he get back after two years?

₹ 27160

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₹ 25620

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₹ 29160

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₹ 32560

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Solution

The correct option is C ₹ 29160
$A = 25000 [1 + \frac{8}{100}]^{2}$

$= \frac{(25000 \times 108 \times 108)}{(100 \times 100)}$

$= \frac{(25 \times 108 \times 108)}{10}$

$= ₹ 29160$

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