A steno typist deposits ₹10000 in a bank for a period of 3yrs at 12 % per annum compound interest. The interest accrued to her after maturity will be ?
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Answer:
Given,
Principal ( p ) = 10000
Rate( r ) = 12%
Time( n ) = 3yrs
We know that,
Amount= P( 1 + r/100 )^n
A = 10000( 1 + 12/100 )³
A= 10000( 1 + 3/25 )³
A = 10000( 1 × 25/1 × 25 + 3/25 )³
A = 10000( 28/25 )³
A = 10000 × 21952/15625
A = 3.2 × 4390.4
A = 14049.28
Thus,
C.I. = A -P
= Rs ( 14049.28 - 10000 )
= Rs 4049.28
Hope it helps you!!
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