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Question
Find the amount on Rs 36000 in 2 years 15% p.a. compounded annually.
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Solution
Here P = Rs.36000, t = 2 years, r = 15%
Now, Amount
= `"P"(1 + "r"/100)^"t"`
= `36000(1 + 15/100)^2`
= `36000(115/100)^2`
= 47610
Hence, Amount = Rs.47610.
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