Find the Compound Interest on Rs. 126000 for 2 years at 10% per annum.
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Step-by-step explanation:
Formula used in this problem is :-
A = P (1+ r/100)ⁿ
Solution:
1st method:
A = 12600 (1+10/100)²
===> A = 126000 (1+ 1/10)²
===> A = 126000 (11/10)²
===> A = 126000×121/100
===> A = ₹152460.
Amount = Principal+ Interest
Interest = Amount - Principal = 152460-126000 = ₹26,460.
Therefore, Compound Interest = ₹26,460.
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