Find the amount and the compound interest on 2500 for 2 years,compounded annually, the rate
of interest being 6% during the first year and 8% during the second year,
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Answer:
Answer is C I.= 362, Amount = 2862
Step-by-step explanation:
Principal= 2500
Time = 2years
Rate of first year = 6%
Amount= P (1+r) ^ t
= 2500* (1+6/100) ^t * (1+8/100)^t ( because we have different rates )
= 2500* 106/100* 108/100
= 2862
Compound interest= Amount- principal
2862- 2500
= 362
Therefore, the CI is rupees 362 And the amount is rupees 2862
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