the amount of certain principal is ₹1210 in 2 years , compound annually at the rate of 10 p.c.p.a. Find the principal
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example
Step-by-step explanation:
Where A is the amount at the end of time t,
P is the Principal,
t is time,
r is rate
Given,
Rs. 7500 is compounded for two years at the rate of 4% annual interest.
⇒ A = 7500 × 1.042
⇒ A = Rs. 8112
CI = A – P
∴ CI = Rs. (8112 – 7500) = Rs. 612
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