Find the compound interest of Rs2400 for 2 years at the rate of 5% p.a. Compounded annually.
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Answer:
CI=246
Step-by-step explanation:
CI=P[(I+i)^n-1]
P=2400; R=5/100=0.05; n=2 years
=>2400[(1+0.05)^2-1]
=>2400[1.1025-1]
=>2400[0.1025]
=>246
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