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Question
A man invests Rs 24000 for two years at compound interest, If his money amounts to Rs 27600 after one year, find the amount at the end of second year.
Solution
Since, Amount after 1 year
= `"P"(1 + "r"/100)`
⇒ 27600 = `24000(1 + "r"/100)`
⇒ `1 + "r"/100 = (27600)/(24000) = (23)/(20)`
⇒ `"r"/(100) = (23)/(20) - 1 = (3)/(20)`
⇒ r = `(100 xx 3)/(20)` = 15
Amount after 2 year
= `"P"(1 + "r"/100)`
= `27600(1 + 15/100)`
= `27600 xx (115)/(100)`
= 31740.
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