the simple interest on a certain sum of money for 2 years at 5%is rupee 1600.the compound interest at the same rate after 3 years interest annually is..
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(X × 5%)×2 years= 1600
X×5%=1600÷2
X=800÷5%
X= 16000
compound interest on 16000 is
[{(16000+5%)+5%}+5%]=18522
interest = 18522-16000=2522
X×5%=1600÷2
X=800÷5%
X= 16000
compound interest on 16000 is
[{(16000+5%)+5%}+5%]=18522
interest = 18522-16000=2522
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