Rs 10,000 is invested at 5% interest rate p.a. Find the compound interest after 2 years.
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Answer:
11025
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Principal = ₹10000
Rate = 5%
Time = 2yrs
Compounded amount
= P(1+R/100)^n
= 10000(1+5/100)²
= 10000×105/100×105/100
= ₹11025
Compound interest
= (Amount - Principal)
= ₹(11025-10000)
= ₹1025
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