Asha lent out 24000 to Sabina as loan at the rate of 10% p.a. compounded annually. What amount will she get back after 2 years 5 months?
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Answer:
Amount at the end of 1 year=Principal+Interest
Interest=
100
PRT
=
100
24000x1x10
=Rs.2400
::Amount at the end of 1
year=24000+2400=Rs.26400
Interest for the 2 year=
100
26400x10x1
=Rs.2640
Amount at the end of 2 year=26400+2640=Rs.29040
Interest for the 2 year=
100
26400x10x1
=Rs.2640
Amount at the end of 2
year=26400+2640=Rs.29040
Let he return Rs.x at the end of first year
.:29040-x=12540
X=29040-12540
→ x=Rs.15000
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