find the amount and compound interest on 5000rs for 3 years at 10% interest being compounded annually
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Answer:
Principal (P) = Rs.5000
Rate (R) = 10%
Number of years (n) = 3
Amount (A) = P (1 + R/100)ⁿ
A = 5000 (1 + 10/100)³
A = 5000 (11/10)³
A = 5000 × 11/10 × 11/10 × 11/10
A = Rs.6655
Compound Interest = A - P = Rs.(6655 - 5000) = Rs.1655
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