A msn borroes Rs 12000 at the compound interest rate of 8% per annum for 2 years. The lender puts the condition that if the borrower fails to clear off his debt by the end of 2 years, he will increase the rate of interest by 10% per annum. How much will the man have to pay at the end of 3 years to clear off his debt ( Please give the correct answer. Previous answer was wrong)
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Answer:A=P(1+R/100)^N
A=12000(1+8/100)²
A=12000(1+2/25)²
A=12000(25/25+2/25)²
A=12000(27/25)²
A=12000×27/25×27/25
A=13996.8 rupees
C. I at the end of 2 years = A-P
=13996.8-12000
=1996.8 rupees
rate = 10-8
=2%
A=P(1+R/100)¹
A=12000(1+2/100)¹
A=12000(1+1/50)¹
A=12000(50/50+1/50)¹
A=12000×51/50
A=12440 rupees
C. I after an year = A-P
=12440-12000
=440 rupees
total Compound interest at the end of 3 years = 1996.8+440
=2436.8 rupees
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