Seema purchased a washing machine for Rs 10,000at a credit at 10% for 2 years. What amount does she has to pay for 2 years if compounded annually?
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3
Answer:
Rs.12100
Step-by-step explanation:
By using the formula for amount in compound interest,
Amount = P{1+r/100}^N
= 10000{1+10/100}^2
= 10000{110/100}^2
= 10000 * 110/100 * 110/100
= 12100
Therefore, Seema has to pay Rs.12100 after 2 years.
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