find compound interset paid when sum 10000 is invested for 1year and 3 months at 8 1/2% per annum compounded annually
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CI = P[1+r/100]^n-P
Here, P = 10,000; r = 8.5% and n = 1 3/12 = 1 1/4 = 1.25 years.
Substituting these values, we get
CI = 10,000[1+8.5/100]^1.25 - 10,000
CI = 10,000[1.085]^1.25-10,000
CI = 10,000*1.1074 - 10,000
= 11,074-10,000
= 1074.
Thus, the compound interest paid is Rs. 1,074.
Here, P = 10,000; r = 8.5% and n = 1 3/12 = 1 1/4 = 1.25 years.
Substituting these values, we get
CI = 10,000[1+8.5/100]^1.25 - 10,000
CI = 10,000[1.085]^1.25-10,000
CI = 10,000*1.1074 - 10,000
= 11,074-10,000
= 1074.
Thus, the compound interest paid is Rs. 1,074.
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