Find the amount to be paid at the end of 2 years if the money borrowed is Rs. 1000 at 10% p.a. compounded annually
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Rs 1200
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Given : money borrowed is Rs. 1000 at 10% p.a. compounded annually
To Find : Amount to be paid at the end of 2 years
Solution:
P = 1000
R % = 10 %
n = 2
A = P ( 1 + R/100)ⁿ
A = 1000 ( 1 + 10/100)²
=> A = 1000 ( 11/10)²
=> A = 1000 ( 121/100)
=> A = 1210
Hence, amount to be paid at the end of 2 years is Rs 1210
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