a shopkeeper bought a shop at rs 1,80,000 in 2002. Every year, the price is incremented by 2%. What should be the price of the shop if he wants to sell in 2004
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Step-by-step explanation:
Simple interest = (principal*time*rate) /100
P = 180000
R = 2%
T = 1(year)
180000*2*1/100
Simple interest = ₹3600
so the incremented valie after two years (in 2014) =
3600*2 = ₹7200
Total amount = ₹180000*₹7200 = ₹187200
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