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The amount on Rs. 1000 for 2 years at th...

The amount on Rs. 1000 for 2 years at the rate of 5% compound interest per annum is

A

Rs. 1102.50

B

Rs. 1120.50

C

Rs. 1021.50

D

Rs. 1202.50

Text Solution

Verified by Experts

The correct Answer is:
A
Rs. 1102.50
The required amount `=Rs. 1000(1+5/100)^(2)`
`=Rs. 1000(1+1/20)^(2)`
`=Rs. 1000xx21/20xx21/20=Rs. 1102.50`
Hence a is correct.
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