Find the amount of Rs. 50000 after 2 years, compounded annually; the rate of interest being 8% p.a during the first yearand 9% p.a during the second year
Question
Solution 1
To find the amount after 2 years with different interest rates for each year, we need to apply the formula for compound interest separately for each year.
The formula for compound interest is A = P(1 + r/n)^(nt), where:
- A is the amount of money accumulated after n years, including interest.
- P Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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