Answer:
The amount which Sunil own to the bank after two years is Rs 67 lakh and sixty thousand
Step-by-step explanation:
Given as :
The amount borrowed by Sunil for education loan = Rs 40 lakh
The rate of interest applied compounded annually = 30%
The time period of loan is 2 years
[tex]Amount = Principal \times (1 + \frac{Rate}{100})^{Time}[/tex]
Or, [tex]Amount = 4000000 \times (1 + \frac{30}{100})^{2}[/tex]
Or, [tex]Amount = 4000000 \times (\frac{130}{100})^{2}[/tex]
Or, Amount = 4000000 × ( 1.3 )²
Or, Amount =Rs 6,760,000
Hence The amount which Sunil own to the bank after two years is Rs 67 lakh and sixty thousand Answer
