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Question
Calculate the amount and the compound interest for the following:
Rs 20,000 for 2 years if the rates of interest are `12 1/4` and `5 1/2` for the successive years.
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Solution
P = Rs 20,000 ; t = 2 years ; r = `12 1/4 %` and `5 1/2 %` successively = `49/4`% and `11/2` % successively.
`"A" = "P" (1 + "r"/100)^"n"`
A = Rs 20000 `(1 + 49/(4 xx 100)) (1+ 11/(2 xx 100))`
= Rs 20, 000 x 1. 1225 x 1. 055
=Rs 23,684.75
C.l. = A - P
= Rs (23,684.75 - 20, 000)
=Rs 3,684.75
Hence, Amount= Rs 23,684.75 and C.I. =Rs 3,684.75.
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