annum. What is the compound interest that Rohit gets after 3 years?
4. Find the compound interest on Rs 1000 at the rate of 8% per annum for 1
interest is compounded half yearly
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Answer:
Principal, P = ₹1000
Rate, R = 8%
Time, n = 3years
Amount, A = P (1 + R/100)ⁿ
= 1000 (1 + 8/100)³
= 1000 (1 + 2/25)³
= 1000 (25+2/25)³
= 1000 (27/25)³
= 1000 X 19683/15625
= ₹1259.70
Compound Interest = A - P = ₹1259.70 - ₹1000
= ₹259.70
Explanation:
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