Q4 of 89 Page 14

Meera borrowed a sum of Rs. 1000 from Sita for two years. If the rate of interest is 10% compounded annually, find the amount that Meera has to pay back.

Given,


Principal = Rs.1000


Rate of interest = 10% p.a


Time = 2 years


Hence,


Compound interest =


=


So,


Amount that Meera has to pay back = Rs.(1000+210) = Rs.1210


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