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what sum will amount to rupees 6,593.40 in 2years at compound interest if the rates are 10percent and 11percent for the two successive years? |
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Answer» Answer: Step-by-step EXPLANATION: ANSWER ⇒ Let RATE of interest for 2 years will be R 1 =10% and R 2 =11%. ⇒ A=P×(1+ 100 R 1
)(1+ 100 R 2
) ⇒ 6593.40=P×(1+ 100 10 )(1+ 100 11 ) ⇒ 6593.40=P× 10 11 × 100 111
⇒ 6593.40=P× 1000 1221
⇒ P= 1221 6593.40×1000 =Rs.5400 |
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