(ii) the interest for the second year.
A sum of 20,000 yields 3328 as compound interest in 2 years. Find the rate of interest
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2
Answer:
Correct option is
B
3328
Given that,
P=Rs.20,000
R=8%
T=2years
As compounded annually, n=2.
Amount at the end of 2 years =P(1+
100
R
)
n
=20000(1+
100
8
)
2
=20000×
100
108
×
100
108
=Rs.23,328
Compound Interest (C.I) =23328−20000=Rs.3328
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