Mathematics · Compound Interest
A bank provides a loan of ₹55,000 to a shopkeeper at a 5% compound interest rate (compounded annually). After 2 years, the total amount to be deposited by the shopkeeper to clear the loan is:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹65,259.75
- 2₹55,825.75
- 3₹60,637.50✓
- 4₹62,526.50
Correct answer
₹60,637.50
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