The rate of compound interest on Rs. 1,000 for the first year is 5 percent and for the second year is 6 percent. The interest after 2 years will be
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Interest in 1 year
SI = PRT /100
= 1000 × 5 × 1 / 100
= 50
Amount after 1st year = Principal + Interest
= 1000 + 50
= Rs. 1050
Interest in second year
SI = PRT/100
= 1050 × 6 × 1 /100
= 63
Amount after 2nd year = Principal + Interest
= 1050 + 63
= Rs. 1113
Interest after 2 years = Rs. 63
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