Question

Ramesh lent 20,000 to his friend at the rate of 8% p.a. interest being compounded annually. How
much money will he get back from his friend at the end of 2 years 9 months?​

Answer 1

Step-by-step explanation:

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Answer 2

Answer:

Given that,

P=Rs.20,000

R=8%

T=2years

As compounded annually, n=2.

Amount at the end of 2 years =P(1+100R)n

=20000(1+1008)2

=20000×100108×100108

=Rs.23,328

Compound Interest (C.I) =23328−20000=Rs.3328

Step-by-step explanation:

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