Question

3. Snigdha invested 75,000 in an institution thinking that it would pay the rate of interest at 4% pa
during the first year and 6% p.a. during the second year. Find the amount she will get back after 2 yeas S


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Answer 1

Deposited amount (P)=Rs.7500

Rate of interest (R)=4%

Time period (t)=3 years

Therefore,

A=P(1+100R)t

A=7500(1+1004)3

⇒A=7500×(2526)3

⇒A=Rs.8436.48

Compound interest =A−P=8436.48−7500=Rs.936.48

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