Question

A sum of ₹ 20000 is borrowed by meena for 2 years at 8 % compounded annually . Find the amount she has to pay at the end of 2 years .

Answer 1

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Mr Sharma borrowed Rs. 20000 
rate = 18% (simple)
time = 2 years



Total amount he will return to Mr Sharma = 20000+7200 = Rs. 27200

Mr. Sharma lent Rs. 20000 
rate = 18% (compound)
time = 2 years
Let the total amount he will get at the end of years = A



Gain = amount he will get - amount he will give 
        = Rs. 27848 - Rs. 27200
        = Rs. 648

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