Mohan invested Rs.18000 in a bank of 2 years . At the rate of 10pcpa at
Compound interest. What amount will Mohan receive at end of 2 years?
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Step-by-step explanation:
For 1
st
year Principal (P)=Rs.16000, Rate (R)=5% Time (T)=1 year
∴ Interest=
100
16000×5×1
=160×5=Rs.800
∴ Amount at the end of first year=Rs.16000+800=Rs.16800
For 2
nd
year Principal (P)=Rs.16800, Rate (R)=5% Time (T)=1 year
∴ Interest=
100
16800×5×1
=168×5=Rs.840
∴ Amount at the end of second year=Rs.16800+840=Rs.17640
For 3
rd
year Principal (P)=Rs.17640, Rate (R)=5% Time (T)=1 year
∴ Interest=
100
17640×5×1
=
2
1764
=Rs.882
∴ Amount at the end of third year=Rs.17640+882=Rs.18522
Hence required amount=Rs.18522
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