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Pritam bought a plot of land for Rs. 640000. Its value is increasing by 5% of its previous value after every six months. What will be the value of the plot after 2 years?

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Best answer

Given, 

Price of land = Rs.640000 

Rate of increase = 5% in every six month 

So, 

Value of plot after 2 years\(= 640000({1}+\frac{5}{100})({1}+\frac{5}{100})({1}+\frac{5}{100})({1}+\frac{5}{100})\)

\(= 640000\times\frac{21}{20}\times\frac{21}{20}\times\frac{21}{20}\times\frac{21}{20}\) = Rs. 706440.25

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