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Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?
- a)Rs. 65,600
- b)Rs. 72,400
- c)Rs. 72,600
- d)Rs. 73,400
Correct answer is option 'C'. Can you explain this answer?
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Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the r...
Money borrowed (p) = Rs. 60,000
Amount to be paid after 2 years at the rate 10% p.a.
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Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the r...
Principal Amount:
The principal amount borrowed by Avinash is Rs. 60,000.
Rate of Interest:
The rate of interest is 10% per annum.
Compounding:
The interest is compounded annually.
Time Period:
The time period is two years.
Formula for Compound Interest:
The formula to calculate the amount payable after a certain time period with compound interest is:
A = P(1 + r/n)^(nt)
Where:
A = Amount payable
P = Principal amount
r = Rate of interest (in decimal form)
n = Number of times interest is compounded per year
t = Time period (in years)
Calculating the Amount Payable:
Using the formula mentioned above, we can calculate the amount payable after two years:
A = 60000(1 + 0.1/1)^(1*2)
A = 60000(1 + 0.1)^2
A = 60000(1.1)^2
A = 60000 * 1.21
A = 72600
Therefore, the amount payable after two years is Rs. 72,600.
The principal amount borrowed by Avinash is Rs. 60,000.
Rate of Interest:
The rate of interest is 10% per annum.
Compounding:
The interest is compounded annually.
Time Period:
The time period is two years.
Formula for Compound Interest:
The formula to calculate the amount payable after a certain time period with compound interest is:
A = P(1 + r/n)^(nt)
Where:
A = Amount payable
P = Principal amount
r = Rate of interest (in decimal form)
n = Number of times interest is compounded per year
t = Time period (in years)
Calculating the Amount Payable:
Using the formula mentioned above, we can calculate the amount payable after two years:
A = 60000(1 + 0.1/1)^(1*2)
A = 60000(1 + 0.1)^2
A = 60000(1.1)^2
A = 60000 * 1.21
A = 72600
Therefore, the amount payable after two years is Rs. 72,600.
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Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?a)Rs. 65,600b)Rs. 72,400c)Rs. 72,600d)Rs. 73,400Correct answer is option 'C'. Can you explain this answer?
Question Description
Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?a)Rs. 65,600b)Rs. 72,400c)Rs. 72,600d)Rs. 73,400Correct answer is option 'C'. Can you explain this answer? for SSC CGL 2024 is part of SSC CGL preparation. The Question and answers have been prepared according to the SSC CGL exam syllabus. Information about Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?a)Rs. 65,600b)Rs. 72,400c)Rs. 72,600d)Rs. 73,400Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for SSC CGL 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?a)Rs. 65,600b)Rs. 72,400c)Rs. 72,600d)Rs. 73,400Correct answer is option 'C'. Can you explain this answer?.
Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?a)Rs. 65,600b)Rs. 72,400c)Rs. 72,600d)Rs. 73,400Correct answer is option 'C'. Can you explain this answer? for SSC CGL 2024 is part of SSC CGL preparation. The Question and answers have been prepared according to the SSC CGL exam syllabus. Information about Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?a)Rs. 65,600b)Rs. 72,400c)Rs. 72,600d)Rs. 73,400Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for SSC CGL 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?a)Rs. 65,600b)Rs. 72,400c)Rs. 72,600d)Rs. 73,400Correct answer is option 'C'. Can you explain this answer?.
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Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?a)Rs. 65,600b)Rs. 72,400c)Rs. 72,600d)Rs. 73,400Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?a)Rs. 65,600b)Rs. 72,400c)Rs. 72,600d)Rs. 73,400Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Avinash borrows Rs. 60,000 from a bank to buy a new machine. If the rate of interest is 10% per annum compounded annually, then what will be the amount payable after two years?a)Rs. 65,600b)Rs. 72,400c)Rs. 72,600d)Rs. 73,400Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
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