Nikhli is a motor mechanic. He works in a workshop. He saves part of his
monthly earnings for future. In one year he saves ₹ 20000. He deposited
this amount in bank for 2 years. The bank pays interest at the rate of 10%
p.a compounded annually.
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Answer:
₹24200
Step-by-step explanation:
A= P(1+R/100)^n
= 20000(1+10/100)^2
= 20000*110/100*110/100
=2*110*110
=₹24200
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