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General

Easy

Question

# Mr. utter invested Rs5000 at a certain rate of interest, compounded annually for two years. At the end of the first year, it amounts to Rs5325. Calculate (i) The rate of interest (ii) The amount at the end of the second year, to the nearest rupee.

Hint:

### Use the formula of total amount to find the rate of interest and from that find amount at the end of second year.

## The correct answer is: 5671 Rupees

### Complete step by step solution:

(i) We calculate the total amount by the formula …(i)

where P is Principal amount, T is number of years and R is rate of interest

Here, we have T = 1 years, P = 500, A = 5325 and R = ?

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

On dividing both the sides by 5000, we have 1.065 =

(ii) By the end of first year principal amount becomes, P = 5325 Rupees

We calculate amount at the end of second year by the formula …(ii)

Here, we have T = 1 years, P = 5325, R = 6.5 and A = ?

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

Rupees(approx)

Hence the amount at end of second year = 5671 Rupees

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