The interest on ₹ 5000 at the rate of 15% per annum for two years is
a) ₹ 750 b) ₹ 2500 c) ₹ 1500 d) 3000
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Answer:
Step-by-step explanation:
1st year
Principal, P=Rs.5000
Time, T=1 year
Rate of interest ,R=6%
∴simple Interest, SI= 100 PTR = 100 5000×10×6 =Rs.300
∴Amount=P+SI=Rs.5300
2nd year
Principal = Amount of 1st year=Rs.5300
Rate of interest =8%
Time =1 year
∴ Interest = 100 5300 × 1 × 8 =Rs.424
∴ Amount =Rs.(5300+424)=Rs.5724
The interest of 2nd year is the required compound interest. So, C.I=rs.424 and the required amount is Rs.5724
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