A bank provides a loan of ₹55,000 to a shopkeeper at a 5% compound rate
of interest (Compounded annually). After 2 years the amount to be
deposited by the shopkeeper is:
Answers
Answered by
2
Answer:
60500 because 5% intrest of 55000 for 2 year is 5500 so answers is 60500
Answered by
1
Answer:
Calculate:
Total P+I (A)
Where: A = P(1 + r/n)^(nt)
Principal (P): $ 55,000.00
Rate (R): % annual 5
Compound (n): Compounding Annually (1/Yr)
Time (t in years): 2
Answer:
A = $ 60,637.50
A = P + I where
P (principal) = $ 55,000.00
I (interest) = $ 5,637.50
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