calculate compound interest on Rs 60,000 for 3 years if rate for 3 years is 4%,5%,6%
Answers
Answered by
1
Answer:
Amount = 66780
Compound Interest = 6780
Step-by-step explanation: P = 60000
I = 5%
Interest for 1 year = (P * R * T) / 100
=(60000*5*1) / 100
= 3000
P for 2nd year = 60000 + 3000 = 63000
I = 6%
Interest for 2nd year = (P * R * T) / 100
=(63000*6*1) / 100
= 3780
Amount = 63000 + 3780 = 66780
Compound Interest = 3000 + 3780 = 6780
Hope , it helps.
Answered by
1
Answer:
Step-by-step explanation:
So formula= P(1+r/100)(1+r/100)(1+r/100)
60000(1+4/100)(1+5/100)(1+6/100),
69451.20.
69451.20-60000,
9451.20 is the Compound interest!
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