a sum of money yield rupees 2400 as the simple interest calculated at five percent for 3 years what will be the compound interest on the same sum of money for the same period and at the same rate of interest
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Step-by-step explanation:
s.i= p*t*r/100
2400= p*5*3/100
p= 2400*20/3
p=800*20
= 16000
c.i= p((1+r/100)^n -1)
=16000((1+5/100)^3 - 1)
=16000((1+1/20)^3 -1)
=16000((21/20)^3-1)
=16000(9261/8000 -1)
=16000(1261/8000)
= 2* 1261
= 2522
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