Question

I took a loan of rupees 30000 from finance company if the rate is 7% per annum compounded annually calculate amount after 2 years​

Answer 1

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Answer 2

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