A man borrowed a sum of money and agree to pay off by paying R.s 6300 at the end of the first year and Rs 8820at the end of the second year . If the rate of compound interest is 5% per annum find the sum borrowed
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Answer: Rs. 14000
Step-by-step explanation:
Let the amount borrowed, Principle = P
Amount After 1 year
Amount payoff at the end of one year = Rs. 6300
Principle of the second year =
Amount for the second year
Hence, the person borrowed Rs. 14000
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