Calculate the compound interest on 1.50,000 over 2 years if the rate of interest over successive years is 10% and 11%.
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Answer:
Interest after 1 year=150000×(10/100)×1(year)
=150000×0.1=15000
Amount after 1 year =150000+15000=165000
Interest after 2nd year=165000×(11/100)×1(year)
=1650×11
=18150
Since calculation is for 1 year, so we can use simple interest formula
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Answer:
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