Meenakshi borrowed a sum of rupees 16000 from Sarita for 2 years. If the rate of interest is 8%
per annum compounded . Find the amount Meenakshi has to pay back. explain
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Answer:
18560/-
Step-by-step explanation:
p=16000
T=2 years
R=8%
I=PTR÷100
=16000×2×8÷100
=2560
Amount =P+I
=16000+2560
=18560
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