(3) Find compound interest on Rs 30000 for 2 years and 3 months at 40% per annum compounded annualy
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Given:-
- Principal = Rs.30000
- Time = 2 years 3 months
- Rate = 40%
To Find:-
- Compound Interest if the interest is compounded annually.
Solution:-
We are given the time as 2 years and 3 months. Let us convert this months into years.
3 months =
We know,
Now,
Let us calculate the Amount,
=
=
=
=
=
=
Now,
CI = Amount - Principal
Hence,
CI = 64680 - 30000
CI = 34680
Therefore the CI after 2 years 3 years if the interest is compounded annually will be Rs.34680.
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Explore More!!!
The formula used to calculate amount if the interest is compounded annually:-
Formul used to calculate amount if the interest is compounded half-yearly.
Formula for calculating amount if the interest is compounded quarterly:-
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