Interest can be earned on savings account at the rate of 7 per cent per year compounded annually. A
person wishes to make deposits of 2000 at the end of each year. How long will it take for the deposits and
accumulated interest to grow to a sum which will exceed Rs 20000?
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If interest is compounded daily, divide the simple interest rate by 365 and multiply the result by the balance in the account to find the interest earned in one day.
Step-by-step explanation:
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