find the ci on rs 7000 in two yrs at 6% compounded annually
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Given, Principal (P)= ₹7000
Time(n)= 2 years
Rate of Interest (R)= 6%p.a.
We know, A= P(1+R/100)^n
=> A= 7000(1+6/100)^2
=> A= 7000(1+3/50)^2
=> A= 7000× 53/50× 53/50
=> A= (14×53×53)/5
=> A= 39,326/5
=> A= 7865.2
We know, C. I.= A- P
=> C. I.= ₹(7865.2 - 7000)
Therefore, C. I.= ₹865.2 [Ans]
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