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Irfan deposited 27000 rupees in a bank which pays 2% interest compound annually. How much would he get back after two year? |
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Answer» P = 27000 R = 2% T = 2 years Final amount = \(P \left(1 + \frac R{100}\right)^n\) \(= 27 000 \left(1 + \frac 2{100}\right)^2\) \(= 27 000 \left(1 + \frac 1{50}\right)^2\) \(= 27000 \times \frac {51}{50} \times \frac{51}{50}\) \(= 10.80 \times 2601\) \(= 28090.8\) |
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