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Question
Calculate the amount and the compound interest on :
₹ 4,600 in 2 years when the rates of interest of successive years are 10%and 12% respectively.
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Solution
For 1st year
P = Rs. 4600
R = 10%
T = 1 year.
I = `[ 4600 xx 10 xx 1]/100` = Rs. 460
A = 4600 + 460 = Rs. 5060
For 2nd year
P = Rs. 5060
R = 12%
T = 1 year.
I = `[ 5060 xx 12 xx 1 ]/100 = 60720/100 = 607.20`
A= 5060 + 607.20 = Rs. 5667.20
Compound interest = 5667.20 - 4600 = Rs. 1067.20
Amount after 2 years = Rs. 5667.20
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