SOLVE THE FOLLOWING. JAIMIN TAKES RS. 10000 AT 12%PER YEAR AS RATE OF INTEREST, FOR 2 YEARS. HOW MUCH INTEREST HE HAS TO PAY AT THE END OF TWI YEARS?
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Answer:
Step-by-step ed compound interest C I = A - P
∴CI=P[(1+
r
k
)km−1]
Where, A = Amount
C I = Compound interest
P = Principal
R = annual interest rate
N = Number of years
K = Number of conversion
If interest is compound annually then k = 1, if half yearly then k = 2, if quarterly then k = 4, if monthly then k = 12, if weekly then k = 52, and if daily then k = 365.
Nominal Rate and Effective Rate: The annual compound interest ratexplanation:
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