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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Amount = P[1+r/100]ⁿ
- $ 7000 [ 1 + 12/100 ] ²
= $ 7000 x 28/25 x 28/25
= $ 5488000/625
= $ 8780.8
CI = 8780.8 - 7000 = $ 1780.8
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