A man invested 8500 at 10% per annum compound interest for 2 years. Calculate the amount and the compound interest after 2 years.
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Step-by-step explanation:
principal(p)= 8500,rate(r)=10,time=2years(n=2)
amount=p(1+r/100)^n
= 8500*(1+10/100)^2
= 8500*110/100*110/100
= 10285 rupees
compound interest= amount - principal
= 10285-8500
= 1785 rupees
hence the compound interest after 2 years is 1785 rupees.
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