calculate the amount of CI on 3000 at 5%per annum for two 2years
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The amount and compound interest are Rs. 3993, Rs. 993.
Solution:
P = Rs. 3000
N = 2 years
R = 10%
Amount = P(1 + R/100)^N
=> 3000(1 + 10/100)^3
=> 3000 * 110/100 * 110/100 * 110/100
=> Rs. 3993
CI = 3993 - 3000 = Rs. 993
Hence, the amount and compound interest are Rs. 3993, Rs. 993.
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