Bhakti borrowed Rs 4000 from a women's savings group to buy a sewing machine. If the rate of compound interest is 5 p.c.p.a., what amount will she have to return at the end of 3 years?
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Answer:
Principal =Rs 4,000
Rate of interest = 5% p.a.
Number of years (N) = 3 years
Amount = P1+R100N
=40001+51003=40001+1203=400021203=4000×2120×2120×2120= Rs 4630.50
∴ The amount to be paid back by Bhakti is Rs 4630.50 .
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