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Question
The amount of ₹ 6000 for 2 years at the rate of 10% per annum compounded annually is ______.
Options
₹ 7200
₹ 7260
₹ 7500
₹ 7810
MCQ
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Solution
The amount of ₹ 6000 for 2 years at the rate of 10% per annum compounded annually is ₹ 7260.
Explanation:
The amount for ₹ 6000 for 2 years at the rate of 10% per annum compounded annually is calculated using the formula:
`A = P(1 + R/100)^n`
Where:
- P = 6000
- R = 10%
- n = 2 years
Calculation:
`A = 6000 xx (1 + 10/100)^2`
A = 6000 × (1.1)2
A = 6000 × 1.21
A = 7260
So, the amount is ₹ 7260.
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