Daljit received a sum of rupees 40000 as a loan from finance company at the rate of 7% per annum find the compound interest paid by Daljit after 2 years
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Step-by-step explanation:
P:4000
R:7%
T:2years
A:?
1st year,
A=P(1+R*T/100)
= 7000(1+7*1/100) we take a year here bacause we solve CI (p.a)
= 7000*107/100
= 70*107
= 7490
2nd year,
= 7490(1+7*1/100)
= 7490*107/100
= 74.90*107
= 8014.30
CI:A-P
= 8014.30-7000
= 1014.30
Hence,
Dalitji paid 1014.30 as CI
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