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+1 vote
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in Compound Interest by (49.2k points)
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The compound interest on Rs 2000 in 2 years if the rate of interest is 4% per annum for the first year and 3% per annum for the second year will be 

(a) Rs 142.40 

(b) Rs 140.40 

(c) Rs 141.40 

(d) Rs. 143.40

1 Answer

+1 vote
by (53.1k points)
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Best answer

(a) Rs 142.40

P = Rs 2000, r 1 = 4% p.a. for 1st year, r 2 = 3% p.a. for 2nd year

\(\therefore\) A = P\(\big(1+\frac{r_1}{100}\big)\big(1+\frac{r_2}{100}\big)\)

=2000\(\big(1+\frac{4}{100}\big)\big(1+\frac{3}{100}\big)\)

=Rs\(\big(2000\times\frac{26}{25}\times\frac{103}{100}\big)\)

= Rs 2142.40

\(\therefore\) C.I. = Rs 2142.40 – Rs 2000 = Rs 142.40.

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