Calculate the compound interest on 20,00,000 for 3 years compounded annually it rate of interest during first year is 4% p.a., during second year is 5% p.a. and during third year is 6% p.a..
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Answer:
Here P=20,000 Rs., n=3 years, R=8
Amount(A)=P(1+
100
R
)
n
=20000(1+
100
8
)
3
=20000(
25
27
)
3
=
25×25×25
20000×(27)
3
=
25
32×(27)
3
=25,194.24 Rs.
Compound interest(C.I)=A−P=25,194.24−20,000=5,194.24
Hence, the compound interest is Rs. 5,194
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