I took a loan of rupees 30000 from finance company if the rate is 7% per annum compounded annually calculate amount after 2 years
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principal=30,000 rate=7% p.a time=2 year
formula= p[1+r/100]^n where n is the time.
=30,000[1+7/100]^2
=30,000[107/100*107/100]
=30,000*1.07*1.07
=30,000*1.1449
=34,347
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