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Question 103
What is compound interest accrued on an amount of Rs 45,000 in two years @ 9 p.c.p.a ?
Solution
Interest earned in the first year = 45000 * 9*1/100 = 4050
Interest earned in the second year = 49050 * 9 * 1/ 100 = 4414.5
Hence, Compound Interest = 4050 + 4414.5 = Rs 8464.5
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