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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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