allery₹5,000 at 10% per annum compounded annually for 2 years amounts to
A₹5,500
B₹6,000
C₹6,050
D₹6,100
Answer & Solution
Correct answer: C. ₹6,050
We have A = P(1+r)^t.
That is A = 5000·(1.1)².
That is A = 5000·1.21.
So A = ₹6,050.
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