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Question

# Nikita invests Rs6000 for two years at a certain rate of interest compounded annually. At the end of the 1^{st} year, it amounts to Rs6720. Calculate (i). the rate of interest (ii) the amount at the end of 2^{nd} year

Hint:

### Find the rate of interest using the formula of total amount and then find the total amount at the end of 2 years.

## The correct answer is: 7526.4 Rupees

### Complete step by step solution:

Let the rate of interest = R

(i) We know that …(i)

Here, we have T = 1 year, P = 6000, A = 6720 and R = ?

On substituting the known values in (i), we get

On dividing both the sides by 6000, we have

(ii) We know that …(ii)

Here, we have T = 2 years, P = 6000, R = 12

Amount at the end of second year will be,

On substituting the known values in (ii), we get

Rupees

So the amount to be paid at the end of 2 years = 7526.4 Rupees.

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