Find the amount and the compound interest on 6500 for 2 years, compounded annually,the rate of intere st being 5% per annum during the

Question

Find the amount and the compound interest on 6500 for 2 years, compounded annually,the rate of intere
st being 5% per annum during the first year and 6% per annum during thesecond year.​

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1 month 2021-08-14T02:32:14+00:00 1 Answer 0 views 0

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    2021-08-14T02:33:27+00:00

    Answer:

    7234.5

    Step-by-step explanation:

    The amount P = 6500

    the rate of interest for 1st year = 5

    then, interest = (6500 X 5 X 1/100) + 6500

    = 6825

    the rate of interest for the 2nd year = 6%

    the next amount will be, 6825

    then, interest = (6825X6X1/100)+ 6825

    = 7234.5//

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