Calculate the amount on Rs. 1875 for 2 year at 4% per annum, compounded yearly.

Rs. 676
Rs. 776
Rs. 1778
Rs. 2028

Correct Answer: Rs. 2028

Explanation:

Amount = P(1 + r/100)^t
Amount = 1875(1 + 4/100)^2
Amount = 1875(104/100)(104/100)
Amount = 2028

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