calculate the compound interest on a principal amount of Rs.5000 after 2 years, if the rate of interest for the 1st year is
2% and for the 2nd year is 4%.
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Answer:
here's a answer
case 1
principal=₹5000
rate= 2%
time -1 year
compound interest= 5000×(2/100)
= ₹100
Case 2
principal= 5100
rate=4%
time =1 year
compound interest= 5100×(4/100)
= ₹204
total interest = 204+100
= ₹304
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