Calculate the CI and amount to be paid on ₹ 2,400 at 5% per annum after 2
years compounded annually.
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Step-by-step explanation:
principal = 2,400
rate=5%
time =2 years
interest paid in first year= P×R×T/100
=2400×5×1/100=Rs. 120
amount =principal +interest= 2400+120=2520
interest paid on second year = P×R×T/100
=2520×5×1/100 = Rs. 126
Amount = principal+ interest =2520+126 =Rs. 2646
= compound interest
=principal - amount =2646-2400
=Rs. 646 Ans
- Rs. 646 is the compound interest
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