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Mr. Mehta invested R 8,000 every year at...

Mr. Mehta invested R 8,000 every year at the beginning of the year, at 10% per annum compound interest. Calculate his total savings at the beginning of the third year.

Text Solution

Verified by Experts

P=8000
R=10%
`CI=P(1+R/100)^t-P`
`p[(1+R/100)^t-1]`
`A=P(1+R/100)^t`
`A_1=8000(1+10/100)^2`
`A_2=8000(1+10/100)^1`
Saving=`A_1+A_2=8000(121/100)+8000(11/10)`
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