Question

nirmala deposited Rs.20,000 in a bank where compound interest of 7% is computed annually. Rs.5000 was withdrawn after one year. How much she will get after 2 years?

Answer 1

Step-by-step explanation:

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Answer 2

Answer:

Amount deposited in the bank = Rs. 2000

Rate of interest = 7%

principal after one year = 20000 + [20000 ×  7 /100]

= 20000 + 1400 = 21400

Amount withdrawn after one year = Rs. 5000

Principal for the 2nd year = 21400 – 5000

= Rs. 16400

Amount she gets after 2 years = 16400 + [16400 ×  7/ 100 ]

= 16400 + 1148 = Rs. 17548