A sum of 29,600 is invested for 3 years at 10%
p.a. compound interest.
(1) What is the sum due at the end of the first year?
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0
Answer:
32,560.............
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Principal (P) = Rs.29600
Time (T) = 3 years
Rate (R) = 10%
Compound Interest CI = P×{1+R/100]^T
Now putting in the values :
=29600×{1+10/100}^3
=29600×11/10×11/10×11/10
=296×1331/10
=39397.6
The amount will be Rs.39397.6
Now CI will be = Rs. 39397.6- Rs. 29600
= Rs. 9797.6
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