A business man invested 100.000.OO in fund that pays 10.5% compounded annually for 5 years. compute the interest after 5 years.
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Answer:
Interest is 64,744
Step-by-step explanation:
= 100000(1+105/1000)^5
= 1105 * 110.5 * 1.105 * 1.105 * 1.105
= 1,64,744
CI = Total Amount - Principal Amount
CI = 1,64,744 - 1,00,000
CI = 64,744
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