Find the Amount and Compound Interest if the Principal is ₹ 2000, Rate of Interest is 5% and the Duration is of 2 years. *
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Answer:
the compuond intrest is 250
Step-by-step explanation:
Given:
Principal(P)=2000
Rate of interest(r)=5%
Number of years=2(semiannually)
Formula:
Amount(A)=P(1+
100
r
)
2
⇒A=2000(1+
100
5
)
2
⇒A=2000×(1.05)
2
⇒A=2205
Compound Interest=A−P
=2205−2000
=205
Therefore, compound interest=205
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