calculate compound interest on rs 1000 for 3 years at rate of 5% per annum
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Answer:
Step-by-step explanation:
in CI
A = p(1+r/100)∧t
= 1000(1+5/100)∧3
= 1000×21/20×21/20×21/20
= 21×21×21/8 = 1157.625
now
CI = A - P
= 1157.625 - 1000 = 157.625
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