Rahul invested $7000 in shares for 2 years at the rate of 12% per annum compounded annually. What is the compound interest that Rahul gets after 2 years.
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Answer:
1780.8
Step-by-step explanation:
1st method:
CI for 2 years formula R+R+R^2/100
so 12+12+12^2/100
25.44% of 7000=1780.8
2nd method:
CI for 1st year 12% of 7000=840
CI for 2nd year 12% of (7000+840)=940.8
Total interest 840+940.8=1780.8
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