Find the amount and the compound interest on ₹ 4000 at 10% p.a. for 2 1⁄2 years.
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Answer:
Compound interest is 415.25 Rs.
Step-by-step explanation:
The rate of interest is reduced to 1/4 times of initial and time increases by 4 times.
New rate, R = 10/4 = 2.5 %
New Time, T = 1 x 4 = 4 years.
Therefore, the Compound interest is 415.25 Rs.
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