What is the compound interest on 12000 rs at the rate of 10% for 2 years?
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Class 11
>>Applied Mathematics
>>Basics of financial mathematics
>>Accumulation with simple and compound interest
>>Calculate the amount and compound intere
Question
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Calculate the amount and compound interest for Rs. 12,000 for 2 years at 10% compounded annually.
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Solution
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Here P=12,000 Rs., n=2 years, R=10
Amount(A)=P(1+
100
R
)
n
=12000(1+
100
10
)
2
=12000(
10
11
)
2
=
100
12000×121
=14,520 Rs.
Compound interest(C.I)=A−P=14,520−12,000=2520
Hence, the compound interest is Rs. 2,520
Answer:
Rs. 2,520
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