Calculade de compand interest on 25,000 in 3 years when the rate of interest for 3 successive years is 6%, 10% and 8% p.a respetively
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Using the formula,. P=principal. R=rate n=time
A=P(1+R/100)^n
A= 25000(1+6/100)(1+10/100)(1+8/100)
A=25000× 106/100×110/100×108/100
A=53×54×11
A=31,482
C.I =A-P
C.I = 31,482-25000
C.I= 6,482
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