Question

mini borrowed rs 3500 from a bank for a fixed time of 2 years . find the compound interest and the amount paid by him , if the rate of of interest is 13 % per annum

Answer 1

Step-by-step explanation:

Principal = 3500

rate = 13%

time  = 2 years

Compound interest for the first year.

= 3500 x 1 x 13/100

= 35 x 13 (Zeroes of 3500 & 100 cancelled out

= 455

Compound interest for the first year = 455

Amount after the first year = 3500 + 455

                                               = 3955

Compound interest for the second year

= 3955 x 1 x 13/100

= 514.15

Compound interest for the second year = 514.15

Amount for the second year( total amount) = 3955 + 514.14

                                                                           = 4469.15

Total Compound Interest = 455+514.14 = 969.14 = Answer

Answer = 4469.14, 969.14

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