Question
Suppose an investment of Rs. 20,000 is made in a
financial scheme where the interest is compounded annually. The interest rate for the first year is 12% per annum, and for the second year, it increases to 15% per annum. Calculate the total amount accumulated at the end of two years.Solution
Amount after 2 years = 20000 x 1.12 x 1.15 = Rs. 25,760 Hence, option c.
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