When a sum of ₹10,000 is compounded annually, ₹13,225 after 2 years at the rate of 15% per annum compounded annually.
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Amount (A) under compound interest is calculated as :
A = P × [1 + R/100 ] n
where ,
P - principal
R - rate of interest
N - time period
Given, A = ₹ 10000, R = 15 and N = 2
= A = 10000 × [ 1 + 15/100 ] ²
= ₹ 13225
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