A person invests 6000 for 2 years at a certain rate of interest compounded yearly. If the sum amounts to 6540 at the end of one year calculate,
(1) the rate of interest per year
(2) the amount at the end of second year
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Answer:
Amount at the end of 2nd year
=RS.6720+12% of Rd.6720
=RS.6720+ RS.806.40
RS.7526.40
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