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Question
Calculate the amount and the compound interest on Rs. 12,000 in 2 years and at 10% per year.
Solution
For Ist year
Principal (P) = Rs.12,000
Rate (R) = 10%
Time (T) = 1 year
I = Interest =`(12,000xx10xx1)/100`
= 120 × 10
= Rs.1200
Amount = P + I = Rs.12,000 + Rs.1200 = Rs.13,200
For IInd year
P = Rs.13,200, R = 10%, Time (T) = 1 year
∴ Interest =`(13,200xx10xx1)/100` = 132 × 10
= Rs.1320
∴ Amount in 2 years = Rs. (13,200) + (1320)
= Rs.14520
Compound interest in 2 years = Rs.1200 + Rs.1320 = Rs.2520
[or directly = Rs.14520 − Rs.12000 = Rs.2520]
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