Ali invests Rs. 20,000 at the rate of 5% compounding yearly. After one year, he will have _____?
- Rs. 21000
- RS. 21200
- RS. 21012.5
- None of these
Explanation
Let's calculate the amount Ali will have after one year with compound interest:
Principal (P) = Rs. 20,000
Rate (R) = 5% = 0.05
Time (n) = 1 year
Amount = P × (1 + R)^n
= 20,000 × (1 + 0.05)^1
= 20,000 × 1.05
= 21,000
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