calcute the compound interest on 1875 at 4%p.a. for 2 years
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Compound Interest Questions & Answers for Bank Exams : Calculate the ... Calculate the amount on Rs. 1875 for 2 year at 4% per annum, compounded yearly. ... simple interest amounts to Rs. 2,000 in two years at the rate of 10% p.a. What ...
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Principal for the first year = Rs 1875
Rate of interest = 4% p.a.
Interest for the first year = Rs (1875 × 4 × 1) / 100
= 75
Amount at the end of first year = Rs 1875 + Rs 75
= Rs 1950
Principal for the second year = Rs 1950
Interest for the second year = Rs (1950 × 4 × 1) / 100
= 78
Amount at the end of second year = Rs 1950 + Rs 78
= Rs 2028
Hence,
Compound interest paid by Salma = Final amount – (original) Principal
= Rs 2028 – Rs 1875
= Rs 153
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