a man invested 50,000 rupees at annual rate of interest 12% for one year .find the interest
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Answer:
Hello mate
Step-by-step explanation:
ANSWER
We have the formula for compound Interest,
A=P(1+
n
r
)
n.t
A=Total amount
P=Principal=50000
r=annual interest rate=8%
n=no. of times compounded per year=2, and t=time in years=
2
3
Substituting, A=50000(1+
2
0.08
)
2×
2
3
A=50000(
2
2.08
)
3
A=56243.2 This is the amount after 1 and
2
1
years
Compound Interest, I=A−P=56243.2−50000=6243.5
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