Question

Salma deposited ₹ 20, 000 with a Company at 10 % per annum compound interest for 2 years.
Calculate the amount she will get after 2 years.

Answer 1

Answer:

Step-by-step explanation:

20000+20000*10%

=20000+2000

=22000

22000+22000*10%

=22000+2200

=24200

Answer 2

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Step-by-step explanation:

Simple Interest = (P*R*T)/100

⇒ (20,000*10*2)/(100)

⇒ 400000/100

⇒ Rs.4000

Total Amount = 20000 + 4000

= Rs. 24000

Hence, after 2 years, salma will pay Rs. 24000 to clear the loan.