Find the amount on Rs 10000 for 2 years at 11% per annum compounded annually.
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Amount for the fist year = 10000
Time=1
percentage = 11
Simple interest for the first year= 10000×1×11/100
=1100
Amount at the end of first year = Amount+ simple interest
=10000+1100=11,100
Simple interest for the second year = 11100×1×11/100
=1221
Amount at the end of the second year=11100+1221
=12321
Compound interest = simple interst-amount
=12321-10000=2321
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