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Question
Daljit received a sum of Rs. 40000 as a loan from a finance company. If the rate of interest is 7% per annum compounded annually, calculate the compound interest that Daljit pays after 2 years.
Solution
\[ = 40, 000 \left( 1 + \frac{7}{100} \right)^2 \]
\[ = 40, 000 \left( 1 . 07 \right)^2 \]
= 45, 796
Thus, the required amount is Rs 45, 796.
Now,
CI = A - P
= Rs 45, 796 - Rs 40, 000
= Rs 5, 796
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