Maya deposited Rs 20,000/-in a bank which compounds interest quarterly. The annual rate of interest is 8%. How much amount May get back after one year?
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Rate of interest for the first year, R1= 10%
Rate of interest for the second year, R2= 12%
Total amount including interest =
∴ Total amount including interest for the first year
Now, principal for the second year = Rs.5500
Total amount including interest for the second year
∴ Total amount to be paid by Mahadevan at the end of two years to settle the debt = Rs.6160
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