Find the amount and compound interest on Rs 4000 for 2 years at 4% p.a interest payable year?
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Answer:
362.4
Step-by-step explanation:
principal for 1st year=₹4000
Rate of interest=4%p.a
Interest for 1st year=₹(4000×4×1/100)=₹160
Amount at the end of 1st year=₹(4000+160)=₹4160
Interest for 2nd year=₹(4160×4×1/100)=₹166.4
Amount at the end of 2nd year=₹(4160+166.4)=₹4326.4
compound interest = amount – principal
=₹(4326.4–4000
=₹326.4
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