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8. What sum of money will amount to 39261 in 3 years at 5% per annum compound
interest?
Answers
Answered by
1
Answer:
Rs.33915
Step-by-step explanation:
Amount (A) = Rs.39261
Rate (R) = 5% per annum
Time (n) = 3 years
A = P (1 + R/100)ⁿ
=> 39261 = P (1 + 5/100)³
=> 39261 = P (21/20)³
=> P = 39261 × 20/21 × 20/21 × 20/21
=> P = Rs.33915
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