4. Shankar takes a loan of * 10,000 at a compound interest rate of 10% per annum (p.a.).
(i) Find the compound interest after one year.
(ii) Find the compound interest for 2 years.
(iii) Find the sum of money required to clean the debt at the end of 2 years.
(iv) Find the difference between compound interest and simple interest at the same rate for 2 years,
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16
Answer:
1. Compound interest after one year
= 10000 * 10/100
= 1000
2. Compound interest for 2 years
= 11000 * 10/100
= 1100
3. Sum of money required to clean the debt = 11000 + 1100
= 12100rs
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33
Answer:
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