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Question
Calculate the amount and the compound interest for the following :
Rs. 12500 for 2 years at 8% for the first year and 10% for the second year.
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Solution
P = Rs. 12500;
(i) Interest for the first year
T = 1 year , R = 8 % for first year
`= ("Rs" 12500 xx 8 xx 1)/100`
`= "Rs" 1000`
(ii) Principal for the second year
= Amount after one year
= Rs 12500 + Rs 1000
= Rs 13500
(iii) Interest for the second year
T = 1 year , R = 10% for second year
`=("Rs" 13500 xx 10 xx 1)/100`
= Rs 1350
Therefore ,Amount at the end of 2nd year
= Rs 13500 + Rs 1350
Amount = Rs 14850
C.I. = A - P
= Rs (14850 - 12500)
C.I. = Rs 2350
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