Question

Compound interest without formula

Answer 1

Using S.I. Formula

Remember that for each consecutive year after the first year, the principal will be equal to the amount of the previous year.

Suppose

if P=100

R=20%

T=3 years

CI for first year=100*20*1/100=20 Amount=120

For Second Year, new principal=120

CI=120*20*1/100=24

Amount=144

For third year,

new principal=144

CI=144*20*1/100=28.8

Amount=172.8

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