at what rate percent Compound
interest per annum will 16000
amount to 2278.25 in 3 year.
Answers
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Step-by-step explanation:
ANSWER
For the first year, on interest being compounded at R=10 %, we have
Amount=P(1+
100
R
)
N
=16,000×(1+
100
10
)
1
=16,000×1.1=Rs17,600
For the second year, P=Rs17,600 on interest being compounded at R=14 %, we have
Amount=P(1+
100
R
)
N
=Rs17,600×(1+
100
14
)
1
=Rs17,600×1.14=Rs20,064
For the third year, P=Rs20,064 on interest being compounded at R=15 %, we have
Amount=P(1+
100
R
)
N
=Rs20,064×(1+
100
15
)
1
=Rs20,064×1.15=Rs23,073.60
So, Total amount =Rs23,073.60
And TotalC.I.=A−P=Rs23,073.60−Rs16,000=Rs7,073.60
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