Question

7. The compound interest on Rs.40,960 at 6% per annum for every 3 years being compounded
annually is

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Answer 1

Answer:

Principal= Rs.40,0960

Rate= 6

Time= 3 years

1st year = $ 40,960 × 6× 1 / 100

= 2457.6

Amount of 1st year = $ 40,960 + $ 2457.6 = $43417.6

2nd year = $43417.6 × 6×1 /100

=2605.056

Amount of 2nd year = $ 43417.6+ $2605.056

=$46022.656

3rd year = $ 46022.656×6×1/ 100

=$ 2761.35936

Amount of 3rd year= $46022.656 +$2761.35936

=$ 48784.01536

Compound interest = $ 40960 - $ 48784.01536

= $ 7824.01536