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Find the compound interest on Rs. 50,000 at 4% per annum for two years compounded annually.

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4000

4080

4280

4050

answer is B.

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Detailed Solution

Concept- The expression which helps in finding compound interest is: Question Image

where,

The given parameters are:

First, we will find the amount by substituting the values in the formula
Question Image

Now, we will calculate the compound interest
Question Image

Hence, the correct answer is option 2) 4080

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