Question

Meera borrowed a sum of ₹4000 from Sita for two years. If the rate of interest is 15% per annum compounded annually, find the amount that Meera has to pay back. ​

Answer 1

Given :-

• Sum borrowed by Meera = Rs.4000 .
• Time = 2 years.
• Rate = 15% per annum compounded annually .

To Find :-

• The amount that Meera has to pay back to sita .

Solution :-

we know that, when rate is compounded annually,

• Amount = Principal * [1 + (Rate/100)]^(time)

so,

→ Amount = 4000[1 + (15/100)]²

→ Amount = 4000[1 + (3/20)]²

→ Amount = 4000 * (23/20)²

→ Amount = 4000 * (529/400)

→ Amount = Rs.5290 (Ans.)

Hence, Meera has to pay Rs.5290 back to sita .

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