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Akshay borrowed Rs 2100 at compound interest of 5% per annum for 2 years. What is the total the amount due after two years?
- a)Rs. 2300
- b)Rs. 2315.25
- c)Rs. 2310
- d)None of these
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Akshay borrowed Rs 2100 at compound interest of 5% per annum for 2 yea...
Here P = 2100, R = 5%, T = 2 years
Most Upvoted Answer
Akshay borrowed Rs 2100 at compound interest of 5% per annum for 2 yea...
Given data:
Principal = Rs. 2100
Rate of interest = 5%
Time period = 2 years
To find: Amount after 2 years
Calculation:
Let us first calculate the amount of interest earned each year.
Interest for the first year = P × R/100 = 2100 × 5/100 = Rs. 105
Amount at the end of first year = P + Interest for the first year = 2100 + 105 = Rs. 2205
Interest for the second year = (Amount at the end of first year) × R/100 = 2205 × 5/100 = Rs. 110.25
Amount at the end of second year = (Amount at the end of first year) + (Interest for the second year) = 2205 + 110.25 = Rs. 2315.25
Therefore, the amount after 2 years is Rs. 2315.25
Hence, the correct option is (b) Rs. 2315.25.
Principal = Rs. 2100
Rate of interest = 5%
Time period = 2 years
To find: Amount after 2 years
Calculation:
Let us first calculate the amount of interest earned each year.
Interest for the first year = P × R/100 = 2100 × 5/100 = Rs. 105
Amount at the end of first year = P + Interest for the first year = 2100 + 105 = Rs. 2205
Interest for the second year = (Amount at the end of first year) × R/100 = 2205 × 5/100 = Rs. 110.25
Amount at the end of second year = (Amount at the end of first year) + (Interest for the second year) = 2205 + 110.25 = Rs. 2315.25
Therefore, the amount after 2 years is Rs. 2315.25
Hence, the correct option is (b) Rs. 2315.25.
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Akshay borrowed Rs 2100 at compound interest of 5% per annum for 2 years. What is the total the amount due after two years?a)Rs. 2300b)Rs. 2315.25c)Rs. 2310d)None of theseCorrect answer is option 'B'. Can you explain this answer?
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Akshay borrowed Rs 2100 at compound interest of 5% per annum for 2 years. What is the total the amount due after two years?a)Rs. 2300b)Rs. 2315.25c)Rs. 2310d)None of theseCorrect answer is option 'B'. Can you explain this answer? for JEE 2024 is part of JEE preparation. The Question and answers have been prepared according to the JEE exam syllabus. Information about Akshay borrowed Rs 2100 at compound interest of 5% per annum for 2 years. What is the total the amount due after two years?a)Rs. 2300b)Rs. 2315.25c)Rs. 2310d)None of theseCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for JEE 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Akshay borrowed Rs 2100 at compound interest of 5% per annum for 2 years. What is the total the amount due after two years?a)Rs. 2300b)Rs. 2315.25c)Rs. 2310d)None of theseCorrect answer is option 'B'. Can you explain this answer?.
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