How much will 20,000 amount to in 2 years if interest is compounded annually and the rate of interest for the 1st year is 5% per annum and for the 2nd year is 8% per annum?
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Answer:
the 20,000 will amount to 22,680 in the 2 years.
Step-by-step explanation:
Given that,
P=Rs.20,000
R=5% of 1st year and 8% of 2nd year
T=2 years
Amount at the end of 2 years =20,000+5%+8% compound
=20,000+1000+8% compound
=21,000+8% compound
=21,000+1680
=22,680
∴20,000 will amount to 22,680 in this case.
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