Sunil took an education loan for his MBA today. He borrowed 40 lakh from the bank at a rate of interest of 30% per annum. The interest is compounded annually.
How much money will Sunil owe to the back after two years?
Answers
Answer:
Step-by-step explanation:
A= P*[1+r/100]^2
A=4000000*[1+30/100]^2
A=4000000*13/100^2
4000000*169/100*169/100
=47,60,000
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The amount of money that Sunil owned to Bank is 6760000 Rs
Given:
Sunil borrowed 40 lakh from the bank at a rate of interest of 30% per annum and the interest is compounded annually.
To find:
Total amount that he owned to the bank after 2 years
Solution:
The principal amount P = 40 lakh
The rate of interest R = 30% (compounded annually)
Time period T = 2 years
The formula for total amount when compounded annually is given by
A = P (1+R/100)^t
From given data P = 4000000, R = 30% and t = 2 years
A = 4000000(1+30/100)²
= 4000000(1+3/10)²
= 4000000(13/10)²
= 4000000(1.3)²
= 4000000(1.69)
= 6760000 Rs
The amount of money that Sunil owned to Bank = 6760000 Rs
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