1) Kamal deposits Rs 5000 at the end of every year in a bank at 9 p.a.
compound interest What will be the total amount she receives after 6
years
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Answer:
A = 8,562.76
A = P + I where
P (principal) = 5,000.00
I (interest) = 3,562.76
Step-by-step explanation:
amount = principal * (( 1 +r/n)^(nt))
where
r = rate of interest
n = no of times rate is evaluated. ex. compounded annually (n=1) , compounded quarterly(n=4), half yearly (n=2)
t = time period
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