Find the compound interest and the total amount for a sum of Rs 30,000 for a period of 2 years, when the interest is compounded annually at the rate of 6% per annum.
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(principal=30000 ) (time=2) (rate=6)
interest for first year=PRT/100=30000 X 6/100 X 1
300 X 6/1 X 1=1800
Amt=P + I = 30000 + 1800 = 31800
interest for second year=PRT/100=31800 X 6/100 X 1
318 X 6/1 X 1=1908
Amt=P + I = 31800 + 1908=33708
CI = A - P = 33708 - 30000=3708
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