Ramesh deposited 15,600 in a financial
company that paid simple interest at
12% per annum. Find the interest he will
receive at the end of 2 years.
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Answer:
Step-by-step explanation:
From the given question
Principal = Rs. 15600,
Rate(in per)=10%
SI earned after two years
S.I.= P∗R∗T/100
= 15600∗10∗2/100 = Rs. 3120
Therefore, Principal for next two years
= ₹(15600 + 3120) = Rs. 18720
SI earned at the end of fourth year = 18720∗10∗2/100 = Rs.3744
Now the interest at the end of fourth year is Rs.3744
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