8) Arpit deposited Rs 6000 at the interest rate of 6% per annum for three years. The interest was compounded on yearly basis
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C I = ₹1146.096
Amount = ₹7146.096
Step-by-step explanation:
Principal = ₹6000
Rate = 6%
Time (n) = 3 years.
Amount = Principal (1+rate/100)^n
= ₹6000(1+6/100)³
=₹6000×106/100×106/100×106/100
= ₹ 7146.096.
Compound interest = Amount - Principal
= ₹(7146.096 - 6000)
= ₹ 1146.096.
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