Durman deposits RS. 16,000 in a bank which offers 5.5% interest per year. Find the amount he will have in the bank after 5 years.
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Amount=Rs.[1600×(1+
2×100
5
)
2
+1600×(1+
2×100
5
)]
=Rs.[1600×
40
41
×
40
41
+1600×
60
41
]
=Rs.[1600×
40
41
(
40
41
+1)]
=Rs.[
40×40
1600×41×81
]
=Rs.3321.
∴C.I.=Rs.(3321−3200)=Rs.121
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