compound interest on rs 350 in 3 yrs at 4% per annum
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350 * (1+5/100)^3
350 * (1+1/20)^3
350 * (21/20)^3
350 * 21/20*21/20*21/20
3241350/8000
405.17
CI = 405.17-350
= 55.17
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Given :
Principle (P) = Rs. 350
Number of years (n) = 3 years
Rate (R) = 4%
To Find :
Compound Interest on Rs. 350 at 4% per annum in 3 years
Solution :
The formula for the Compound Interest is,
Compound Interest =
= - 350
= 350 × - 350
= 350 × - 350
= 393.70 - 350
= Rs. 43.70
So, compound interest will be Rs. 43.70 while the total accumulated wealth will be Rs. 393.70 at the end of 3 years with an interest rate of 4% per annum.
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