Question

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Answer 1

Answer:

P = 4000

R = 5%

N = 2 years

Amount = P(1+R/100)^N

Amount = 4000(1 + 5/100)²

Amount = 4000 × 105/100 × 105/100

Amount = 4,410

Hence,

Compound interest = Amount - Principal

Compound interest = 4410 - 4000

Compound interest = 410

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