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

Answer:

Given details are,

Principal (p) = Rs 1000

Rate (r) = 10 % per annum

Time (t) = 2 years

By using the formula,

A = P (1 + R/100)^n

= 1000 (1 + 10/100)^2

= 1000 (110/100)^2

= Rs 1210

∴ Amount is Rs 1210

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