A PERSON LENDS ₹1500 FROM A BANK. IF THE BANK FIXES THE RATE OF INTEREST AT 11% PER ANNUM, THEN THE AMOUNT HE HAS TO PAY BACK AFTER 2 YEARS WILL BE?
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Answer:
P=1500
R=11%
T=2 years
for first year,
S.I=1500×11×1÷100= 165
Amount=P+S.I
1500+165=1665
For second year,
p=1665
R=11%
T=1 year
S.I=1665×11×1÷100=183.15
So compound interest will be,
165+183.15=348.15 ans.
Step-by-step explanation:
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