Question 103

What is compound interest accrued on an amount of Rs 45,000 in two years @ 9 p.c.p.a ?

Solution

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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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