Calculate the amount and the compound interest on Rs.12,000 in 2 years at 10% per year.
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Solution
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Principal, P=Rs.12,000
Rate of interest, r=10%
Time =2 years
So, n=2
Amount,A=P(1+r100)n=Rs.12000(1+0.1)2=Rs.14520
CI=A−P=Rs.(14520−12000)=Rs.2520
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