Nipu borrowed ₹40000 from a bank at a rate of 6% p.a. compounded annually . what amount will he Have to pay back after 2 years.
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P = 40000
R =6%
T = 2 years
A = P X (1+ (R/100))^T
= 40000 X ( 1+ 6/100)²
= 40000 X (106/100)²
= 40000 X 106/100 X 106/100
= 4 X 106 X 106
= Rs 44,944
Amount for 40000 @ 6% for 2 years is
44,944
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