2 Find the compound interest on 5000 at 8% per annum for 3 years.
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Answer:
Given principal (p) = Rs 5000
rate(r) = 8% ,time (t) = 3yr
step1 Find the total amount :
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amount = p ( 1 + r/100 )^t
amount = 5000 ( 1 + 8/100 )^3
= 5000 ( 108/100 )^3
= 5000( 27/ 25 )^3
= 5000 × 27 / 25 × 27 / 25 × 27 / 25
= 8 × 27 × 27 × 27 / 25
= Rs 6298.56
step 2 Find compound interest :
_______________________________
C.I = Amount - principal
= 6298.56 - 5000 = Rs 1298.56
therefore , compound interest = Rs 1298.56
_______________________________
Your Answer : Rs 1298.56
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