A person invest Rs 10000 for two years at a certain rate of interest compounded annuolly.A the end of one year this sum amount to Rs 11200 Calculate :- (1 - the rate of interest per annum)-(2 - the amount at the end of second year
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Answer:
12400
Step-by-step explanation:
= 11200 - 10000
= 1200
= 1200/10000 * 100 %
= 12 %
The rate of interest per annum = 12 %
= 12 % + 12 % ( interest in two years )
= 24 % of 10000 + 10000
= 24 / 100 * 10000 + 10000
= 24 * 100 + 10000
= 2400 + 10000
= 12400
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