find the amount and the component interest on 38000 in 2 years if the rate is 7% for the first year and then 9% for the second year.
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Answer:
int for the first year = 38000×7×1/100
2660
amt= 38000+2660
40660
int for the 2nd year = 40660×9×1/100
3659.4
amt= 40660+3659.4
44319.4
ci= 44319.4 -38000
CI=6319.4
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