How much will be the compound interest to be paid on a principal amount of rs 53000 after 2 years at the rate of 4 p.c.p.a ?
Principal + Interest = (1+r)^n
where, r= rate of interest in decimal
n= number of years
Total amount = 53,000+(1+.04)^2= 57324.8
Interest = 57324.8-53000=4324.8
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