Compound interest at 5% per annum is charged on Rs. 1000. The principal for the second year is
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Answer:
1050
Step-by-step explanation:
Principle on 1st year = 1000, time = 1, R%= 5
I = PTR/100
= 1000×1×5/100
= 5000/100
=50
Amount = Principle+ interest
= 1000+50
= 1050
According to the rule, amount of one year is the principle of the second year.
so Principle of 2nd year is 1050 rupees
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