Calculate the amount of ₹ 8000 for two years at 10% per annum compounded annually.
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Calculate the amount of ₹ 8000 for two years at 10% per annum compounded annually.
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Answer:
Rs.1680
Step-by-step explanation:
Here Principal (P) = Rs. 8,000
Rate of interest = 10%
Interest for the first year = (8,000 × 10 × 1)/100
= Rs. 800
∴ Amount = Rs. 8,000 + Rs. 800 = Rs. 8,800
Thus principal for the second year = Rs. 8,800
Interest for the second year
= (8,800 × 10 × 1)/100 = Rs. 880
Amount at the end of the second year = Rs.
8,800 + Rs. 880 = Rs. 9,680
Hence compound interest earned in 2 years
= Rs. 9,680 – Rs. 8,000 = Rs. 1680
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