Manoj deposits Rs 500 for 2 years, at 10% interest, compounded annually.
At what rate of simple interest should he deposit Rs 500, so that he gets the same amount at the end of 2 years?
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Answer:
Given that principal=Rs. 500, time=n=10 years
Interest rate=10%
Compounded amount=P(1+
100
r
)
n
=500(1+
100
10
)
10
=Rs. 1296.87
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