Describe and correct the error in finding the balance of a savings account with interest compounded annually see the image for more
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Balance = p(1+r/100)ⁿ
= ₹ 2000(1+4/100)²
= ₹ 2000 × 26/25 × 26/25
= ₹ 2163.20
Compound Interest = ₹ 2163.20 - ₹ 2000
= ₹ 163.20
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