Question

A man invests Rs 20000 for 2years. At the end of the year, it amounts to Rs 26000. Find the rate of interest and the interest earned in the third year.​

Answer 1

ANSWER:

24,200

STEP BY STEP EXPLANATION:

When interest is compounded, Amount A=P(1+100R)n

When interest is compounded, Amount A=P(1+100R)nSo, for the given situation, A=20,000×(1+10010)2=20,000×1.1×1.1=

When interest is compounded, Amount A=P(1+100R)nSo, for the given situation, A=20,000×(1+10010)2=20,000×1.1×1.1=Rs24,200

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