ram singh buys a refrigerator for RS4000 on credit.THE RATE OF interest for te first year is 5%.How much will it cost him if he pays the amount after 2 year
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Interest rate for the first year
5%(Rs.4000) = Rs 200
Accumulated amount at the end of first year = Rs.4000 + Rs 200 = Rs 4200
Interest for second year = (Rs 4200)5%
Rs.210
Total cost = Rs.4200+Rs 210 = Rs.4410
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