find the compound interest on 10000 for 2 and half years at 5%per annum compounded annually
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Step-by-step explanation:
First,we find the amount after 2 years.
A=P(1+5/100)^2 = ₹10000 × (21/20)^2
A = ₹10000×21/20×21/20
A = ₹11025
Principal for third year = ₹11025
Interest for the next 1/2 year = (₹ 11025 × 5 ×1/2)/100= ₹275.625
Amount after 2 and a 1/2 years = ₹11025+₹275.625 =₹11300.625
There for Compound interest for 2 and a 1/2years = A-P
= ₹ 11300.625-₹10000.000 = ₹ 1300.625
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