find the amount and the compound interest on rupees 5300 when the rate of interest for two successive years 8% and 10% respectively
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Principal for the second year = Rs 5300
Rate of interest = 8% p.a.
Interest for the second year = Rs (5300 × 8 × 1) / 100
= Rs 53 × 8
We get,
= Rs 424
Amount for the second year = Rs 5300 + Rs 424
= Rs 5724
Compound interest for two years = Final amount – (original) Principal
= Rs 5724 – Rs 5000
We get,
= Rs 724
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