if principal is equal to rupees 100000 rate of interest is equal to 10 % compounded annually find interest of period is equal to 2 years
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Answer:
Interest = 20000 rupees
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Answer:
Step-by-step explanation:
Given - Principal = 100000
Rate of interest = 10%
Years = 2 years
Amount = Principal (1 + R / 100) raised to N
= 100000 (1 + 10 / 100) raised to 2
= 100000 x 11 / 10 x 11 / 10
= 1000 x 11 x 11
= 121000
Therefore compound interest is rs. 121000
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