what sum will amount to rupees 6,593.40 in 2years at compound interest if the rates are 10percent and 11percent for the two successive years?
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Answer:
Step-by-step explanation:
ANSWER
⇒ Let rate of interest for 2 years will be R
1
=10% and R
2
=11%.
⇒ A=P×(1+
100
R
1
)(1+
100
R
2
)
⇒ 6593.40=P×(1+
100
10
)(1+
100
11
)
⇒ 6593.40=P×
10
11
×
100
111
⇒ 6593.40=P×
1000
1221
⇒ P=
1221
6593.40×1000
=Rs.5400
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