a man invested rupees 46875 in Indian Overseas Bank at 8% per annum compound interest for 3 years find the interest for the first year , the amount standing to his credit at the end of second year , the interest for the third year and, the amount due to him at the end of 3 year
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Answer:
Interest = P×R×T /100
P = 46875
R = 8
T = 1
INTEREST = 46875×8×1 / 100
= 375000 /100
= 3750
AMOUNT TO BE PAID AT THE END OF 1 YEAR = 46875+3750
= 50625
Interest after 2years = 3750 × 2 = 7500
AMOUNT TO BE PAID AT THE END OF 2 YEAR = 46875+7500
= 54375
Interest after 3 years = 3750 × 3 = 11250
AMOUNT TO BE PAID AT THE END OF 3 YEAR = 46875+11250
= 58125
Step-by-step explanation:
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