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 will use the formula for compound interest which is A = P(1 + r/n)^(nt). However, since the interest rate changes after the first year, we will need to calculate the amount after each year separately.
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