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31. What will Rs 500 amounts to in 10 years after its deposit in a bank which pays annual interest rate of 10% compounded annually?
Answers (1)
Given: Bank pays an annual interest rate of 10% compounded annually.
Rs 500 amounts are deposited in the bank.
At the end of the first year, the amount
At the end of the second year, the amount
At the end of the third year, the amount
At the end of 10 years, the amount
Thus, at the end of 10 years, amount
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