the compound interest on rs. 50,000 at 8%per annum for 2 years, compounded anually
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Step-by-step explanation:
given,
p= Rs.50000
r=8%
n=2
compounded annually = p[1+r/100]^n
=50000(1+8/100)^2
=50000(108/100)^2
=50000×108/100×108/100
=5×108×108
=500×108×108
=58320
interest is 58320 - 50000 = 8320
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