Simple interest on a certain sum of money for 2 years at the rate of 15% per annum is * 2250. Raju took the sum and invested in a bank. How much compound interest will he get after 2 years if in the first year rate of interest was 10% and second year the rate of interest was 2.5% more than the first year?
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Step-by-step explanation:
(2625–2250)= 375
In one year it will be 125
Principle amount will be
P = (2250–250)=2000
SI = ( P*R*T)/100
125 = (2000*R*1)/100
R = 12500/2000 = 6.25%
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