Ram Singh buys a refrigerator for rs 4000 on credit. The rate of interest for the first year is 5%
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Answer:
Cost of washing machine = Rs. 4000
Interest for 1st year =
100
5
×4000=Rs.200
Therefore, amount after 1 year = Rs. 4200
Interest after 2nd year =
100
15
×4200=Rs.630
Hence, cost after 2 years = Rs,4000+Rs.830=Rs.4830
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