1.

Sanjeev invests an amount of Rs 9655 @ 5 p.c. p.a. for two years. What approximate amount of compound interest will he get at the end of 2 years ?

Answer»

RS. 990



Because, CI = P[(1 + R/100)t - 1]
Therefore, CI = 9655[(1 + 5/100)² -1]
SOLVING this, CI = 9655 x 0.1025 = 989.6 = 990



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