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Compound Interest Shortcut Trick That Will Amaze You!!! by Smartkeeda: 2:01pm On Aug 04, 2016 |
Question: A sum of Rs. 10000 is invested at a compound interest rate of 10% for 2 years. What will be the amount after the mentioned period? Solution: Apply the net% effect formula which says: Net % effect = x + y + (xy)/100 Here, x and y are the interest that goes same for both the years and (xy)/100 is the part that will give us the additional interest we are gaining through compounding. Therefore, net % rate of interest = 10 + 10 + 100/100 = 21% Hence the amount which will be 121% of the sum = Rs. 12100 For more such questions to practise you can visit: http://smartkeeda.com/Quantitative_Aptitude/Arithmetic/Compound_Interest/newest/all/ Regards, Team Smartkeeda |
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