ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You borrowed $59, 000 for 2 years at 11% which was compounded annually. What total will you pay back?
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$13, 693.90
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$1, 363.90
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$72, 693.90
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$73, 793.90
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Explanation:
Detailed explanation-1: -2200. ∴ The compound interest is Rs. 2200.
Detailed explanation-2: -total amount = amount + previous year intrest. total amount = 10900. which amounts to = 1090. hence, total 10000 amounts to 11, 990 (10, 900+1090).
There is 1 question to complete.