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Question
A man invests Rs 24000 for two years at compound interest, If his money amounts to Rs 27600 after one year, find the amount at the end of second year.
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Solution
Since, Amount after 1 year
= `"P"(1 + "r"/100)`
⇒ 27600 = `24000(1 + "r"/100)`
⇒ `1 + "r"/100 = (27600)/(24000) = (23)/(20)`
⇒ `"r"/(100) = (23)/(20) - 1 = (3)/(20)`
⇒ r = `(100 xx 3)/(20)` = 15
Amount after 2 year
= `"P"(1 + "r"/100)`
= `27600(1 + 15/100)`
= `27600 xx (115)/(100)`
= 31740.
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