Apili has shs20000000 on her fixed deposit account in a bank. The bank gives a compound interest interest at a rate of 4% per annum. Calculate the amount Apili will receive after 2 years
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Answer:
Rs.21632000
Step-by-step explanation:
Principal (P) = Rs.20000000
Rate (R) = 4% per annum
Number of years (n) = 2
Amount (A) = P (1 + R/100)ⁿ
A = 20000000 (1 + 4/100)²
A = 20000000 (104/100)²
A = 20000000 × 104/100 × 104/100
A = Rs.21632000
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