calculate the compound interest on rs15000 for 2 years at 6% p.a
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Answer:
CI = Rs. 954
Step-by-step explanation:
Principal (P) = Rs. 15000
Rate (R) = 6% p.a
Period (n) = 5 years
Interest for the first year = PRT/100
= (15000 x 6 x 1)/100 = Rs. 900 Amount for the first year = Rs. 15000 + 900
= Rs. 15900
Principal for the second year = Rs. 15900
Interest for the second year = (15900 x 6 x 1) / 100
= 159 x 6 = Rs. 954
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