Find the timed in which he sum rs 2550 will raise to rs 2890 at 25/4% P.A. rat 14 compounded annually

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Find the amount and the compound interest on Rs 2500 for 2 years at 10 per annum, compounded annually.

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Solution

Principal (P)=Rs. 2500

Rate (r)= 10% Per annum

Time (t)=2 years

Amount, A is given by the formula

A=P(1+r100)t

=2500(1+10100)2

=2500×1110×1110

=25×11×11

=Rs.3025

Compound Interest = Amount − Principal

=3025−2500=Rs.525

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