Shankar takes a loan of rupees 10000 at a compound interest rate of 10% per annum find the compound interest for 2 years
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C.I.=p(1+R/100)^T(formula for calculating compound interest)
Step-by-step explanation:
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Principal = 10,000
Rate = 10%
Time = 2 p.a
Amount
= p ( 1 + r/100 )^n
= 10000 ( 1 + 10/100) ^2
= 10000 ( 100 + 10/100)^2
= 10000 × 110/100 × 110/100
= 12,100
Compound interest
= A - p
= 12100 - 10000
= 121
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