Find CI on ₹12600 for 2 years at 12% per annum compounded annually
Answers
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Step-by-step explanation:
The amount which is used for compound interest is Rs.12600
Time taken for the compound interest is 2 years
The rate (R) at which the amount is compounded annually is 10%
Hence to find the compound interest we use the formula
P = \bold{A\left(R+\frac{1}{100}\right)^{2}} = 12600\left(10+\frac{1}{100}\right)^{2}=12600\left(\frac{110}{100}\right)^{2}= R s .15246P=A(R+
100
1
)
2
=12600(10+
100
1
)
2
=12600(
100
110
)
2
=Rs.15246
Rs.15246 is the principal of the amount Rs. 12600, therefore the Compound Interest is Rs. 15246 – 12600 = Rs. 2646.
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