(8) Joseph deposited Rs 15000/- in a bank at the rate of 10% simple interest. Rafeek
deposited Rs 15000/- in another bank at the rate of 10% compound interest.
a) After 2 years, how much amount would Joseph get back?
b) After 2 years, how much amount would Rafeek get back?
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Answer:
CI=15000[1+10/100]square
CI=15000[101/100]square
CI=15000×101/100×101/100
CI=15301.5
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