Find compound interest on Rs. 8000 at 15% per annum for 2 years 4 months, compounded annually
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Answer:
Time = 2 years 4 months = 2(4/12) years = 2(1/3) years
★Amount = Rs'. [8000 X (1+(15/100))^2 X
(1+((1/3)*15)/100)]
= Rs. [8000 * (23/20) * (23/20) *
(21/20)]
= Rs. 11109.
★ C.I. = Rs. (11109 - 8000) = Rs. 3109
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