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Find the compound interest on ₹ 3200 at 2.5% p.a for 2 years, compounded annually. |
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Answer» Principal (P) = ₹ 3200 r = 2.5% p.a n = 2 years comp, annually ∴ Amount (A) = (1 + r/100)n = (1 + 2.5/100)2 = 3200 x (1.025)2 = 3362 Compound interest (Cl) = Amount – Principal = 3362 – 3200 = ₹ 162 |
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