On what sum will be compound interest at 5% per annum for 2 years compounded annually be rupees 164
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principle is $164
rate of interest is 5%
n is 2 years
and the formula is
CI=P[(1+r) whole power n -1]
CI=164[(1+5) whole power 2-1]= 164[6 whole power 2-1]
CI=164×35=11740
rate of interest is 5%
n is 2 years
and the formula is
CI=P[(1+r) whole power n -1]
CI=164[(1+5) whole power 2-1]= 164[6 whole power 2-1]
CI=164×35=11740
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