Calculate the compound interest on Rs 6000 at 10% per annum for 3 years.
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Principal = Rs 6000. Rate of interest = 10 % No. of years = 2. TO FIND 》 compound interest. SOLUTION 》 A = P ( 1 + R / ...
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Given
Rate of interest = 10% per annum
Principal for the first year = Rs 6000
Interest for the first year = Rs (6000 × 10 × 1) / 100
= Rs 600
Amount at the end of first year = Rs 6000 + Rs 600
= Rs 6600
Principal for the second year = Rs 6600
Interest for the second year = Rs (6600 × 10 × 1) / 100
= Rs 660
Amount for the second year = Rs 6600 + Rs 660
= Rs 7260
Therefore, compound interest for 2 years = final amount – (original) Principal
= Rs 7260 – Rs 6000
We get,
= Rs 1260
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