I. Find the compound interest on 1500 for 2 years at the rate of 5% per annum.
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Answer:
CI = 153.75
Step-by-step explanation:
A = P×(1+r/100)
A=1500×(1+5/100)^2
A=1500×(100+5/100)^2. ( we took out the LCM to add 1 and 5)
A= 1500× ( 105/100) ^2
A= 1500×105/100 × 105 /100
A = 3×21×105/4. ( we simplified it )
A = 1653.75
CI= A - P => ci= 1653.75 - 1500 = 153.75
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