20000 deposited compound interest at 20% for 5 years
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Step-by-step explanation:
Given,
principal (p) = 20,000
Interest rate (r)= 20%
Total Time (t) = 5 year
compounding time (n) = 1 year
Formula to find compound interest is
substituting the values,
20,000 (1+20/1) ¹ × ⁵
= 20,000 × (21)⁵
= 20,000× 40,84,101
= 81,68,20,20,000 Rs.
so in short he will become Ambani in next five years,
(Have a nice day)
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