a sum of 20000 deposited in a bank for 2 years @ 10% compunded annually
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We know that a bank calculates on the basis of compound interest.
Information provided to us:
Principal = ₹ 20000
Rate = 10 % p.a.
Time = 2 years
Amount = P ( 1 +R/100 ) ^ T
Amount = 20000 ( 1 + 10/100 ) ^ 2
Amount = 20000 * 11/10 * 11/10
Amount = 200 * 11 * 11
Amount = 200 * 121
Amount = ₹ 24200
Information provided to us:
Principal = ₹ 20000
Rate = 10 % p.a.
Time = 2 years
Amount = P ( 1 +R/100 ) ^ T
Amount = 20000 ( 1 + 10/100 ) ^ 2
Amount = 20000 * 11/10 * 11/10
Amount = 200 * 11 * 11
Amount = 200 * 121
Amount = ₹ 24200
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