The simple interest on a certain sum at 12% p.a for 2 years is ₹1440. Find the amount due
and compound interest on this sum at the same rate after 2 years interest being compounded
annually.
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Answer:
SI= ₹1440 ; R= 12% ; T= 2 years
P= 100 x SI / R x T
= 100 x 1440 / 12 x 2
=₹6000
CI = ₹6000(1+12/100)(1+12/100)
= 6000(28/25)(28/25)
=₹7526.40
Please check if its correct, I hope I managed to help you
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