Find the amount due on Rs. 1000 for 2 1/3 years at 30% p.a., compounded yearly.
Explanation:
Amount due = P1+r100n
When we have incomplete years, we calculate the amount due for complete years on CI basis and then for the incomplete year we calculate amount due on SI basis.
Amount due = 10001+301002×1+30×13100=1859
Hence, 1859.
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