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in Compound Interest by (56.3k points)

Find the amount of Rs. 12500 for 2 years compounded annually, the rate of interest being 15% for the first year and 16% for the second year.

1 Answer

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Best answer

Given details are,

Principal (p) = Rs 12500

Rate1 (r) = 15% and Rate2 = 16%

Time (t) = 2 years

By using the formula,

A = P (1 + R1/100 × 1 + R2/100)

= 12500 (1 + 15/100 × 1 + 16/100)

= 12500 (1.15 × 1.16)

= Rs 16675

∴ Amount after two years is Rs 16675.

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