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Question 140
How much will a sum of Rs. 7,250 amount to in a span of 2 years, at 6 p.c.p.a. rate of compound interest (Rounded off to the nearest integer) ?
Solution
$$A = P (1 + \frac{R}{100})^T$$
= $$7250 (1 + \frac{6}{100})^2$$
= $$7250 \times (1.06)^2$$ = Rs. 8,146
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