₹ 50,000 is invested for 3 years at the rate of 8% p.a. compound interest. What is the value of the investment after three years?
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Answer:
Step-by-step explanation:
Principal ( p ) = Rs 50000
Rate of interest ( r ) = 8%
Number of Times interest paid = n
Amount = A
A = p( 1 + r /100 )^n
= 50000 ( 1 + 8 /100 )^3
= 50000 ( 1 + 2 / 25 )^3
= 50000 ( 27 / 25 )^3
= 50000×( 27/25 )×(27/25) ( 27/25 )
= Rs 62985.60
C.I = A - p
= 62985.6 - 50000
= 12985.60
I hope this helps you.
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