Meera borrowed a sum of ₹1,000 from Sita for 2 years. If the rate ofinterest is 10% per annum compounded annually, find the amount that Meera has to pay back at the end of 2 years.
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Answer:
Given details are,
Principal (p) = Rs 1000
Rate (r) = 10 % per annum
Time (t) = 2 years
By using the formula,
A = P (1 + R/100) n
= 1000 (1 + 10/100)2
= 1000 (110/100)2
= Rs 1210
∴ Amount is Rs 1210.
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