find the compound interest when the principal is 1000,time =2 years ,rate= 4%
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Answer:
Given,
Principal (P)=1000
time(T)=2yrs
rate(R)=4%
We have,
Amount= P(1+R/100)²
=1000(1+4/100)²
=1000(1+1/25)²
=1000(26/25)²
=1000*676/625
=1081.60
CI= Amount - principal
=rs.(1081.60-1000)
=rs.81.60
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