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A man took loan of Rs. 9800 at 10% per annum compounded annually. After two years how much interest will he have to pay?


1. Rs. 3069
2. Rs. 1980
3. Rs. 2058
4. Rs. 5468

1 Answer

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Best answer
Correct Answer - Option 3 : Rs. 2058

Given:

R = 10%

P = Rs. 9800

N = 2

Formula used:

A = P × (1 + (R/ 100))N

A = P + I

Where, P = Principal amount, R = Rate of interest, N = number of years and I = Simple interest

Calculation:

A = 9800 × (1 + (10/ 100))2

⇒ A = 9800 × 11 × 11/ 100

⇒ A = 98 × 121

⇒ A = 11858

I = 11858 – 9800

⇒ I = Rs. 2058

∴ required answer is Rs. 2058

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