Question

3. Anil borrowed 40000 from a bank repayable after 3 years at 12% per annum
compound interest. How much will he have to be paid back to the bank after 3 years?
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Answer 1

Answer:

56197.12

Step-by-step explanation:

Amount=P x (1+12/100)^3

           = 40000 x (1+3/25)^3

           = 40000 x (25/25+3/25)^3

          = 40000 x (28/25)^3

           = 40000 x 28/25 x 28/25 x 28/25

            =64 x 28 x 28 x 28/25

          = 56197.12