Shankar takes a loan of $10,000 at a compound interest rate of 10℅ per annum.Find the sum of money required to clean the debt at the end of 2 years.
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Given, loan taken = $10,000
rate = 10 % per annum
time = 2yrs
Find the required sum:
------------------------------
required sum = p [ 1 + (r / 100 ) ]^t
required sum =10,000 [ 1 + ( 10 /100 )]^2
required sum = 10,000 × (110/100 )^2
required sum = 10,000 × (11/ 10) × (11/ 10)
required sum = 100 × 11 × 11
required sum = $12100
therefore,
the total sum of money required to clean the debt at the end of 2 years
= $12100
Answer: sum = $12100
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rate = 10 % per annum
time = 2yrs
Find the required sum:
------------------------------
required sum = p [ 1 + (r / 100 ) ]^t
required sum =10,000 [ 1 + ( 10 /100 )]^2
required sum = 10,000 × (110/100 )^2
required sum = 10,000 × (11/ 10) × (11/ 10)
required sum = 100 × 11 × 11
required sum = $12100
therefore,
the total sum of money required to clean the debt at the end of 2 years
= $12100
Answer: sum = $12100
-------------------------------
shreeya8:
Can't understand this pls write it again
Answered by
2
Given,
loan taken = $10,000
rate = 10 % per annum
time = 2yrs
Find the required sum
required sum = p [ 1 + (r / 100 ) ]^t
required sum =10,000 [ 1 + ( 10 /100 )]^2
required sum = 10,000 × (110/100 )^2
required sum = 10,000 × (11/ 10) × (11/ 10)
required sum = 100 × 11 × 11
required sum = $12100
therefore,
the total sum of money required to clean the debt at the end of 2 years
= $12100
Answer: sum = $12100
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