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Find the compound interest and amount on...

Find the compound interest and amount on Rs.4000 at 1% p.a. for 1 year when interest is compounded annually.

Text Solution

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Here, Principal `(P) = 4000` Rs
Rate `(r) = 1%` per annum
Time `(t) = 1` year
`:.` Amount when interest is compounded `= 4000**(1+1/100)^1`
`= 4000**101/100 = 4040` Rs
So, the amount after one year is `4040` Rs.
`:.` Compound interest will be `=4040 - 4000 = 40` Rs
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