7. Find the amount and compound interest on 2500 in 2 years if the rates are 5% and 6% for
the successive years.
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2500 , 2,782.50
Step-by-step explanation:
At end of 1st year: amount will be = x X 1.05 = 1.05x
At end of 2nd year: amount will be = 1.05x X 1.06 = 1.113x
1.113x = 2,782.50
x = 2,500.
2,500 will become 2,782.50 in 2 years at 5% & 6% interest rates.
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