Question

Find the amount and compound interest on a sum of 15625 at 4% per annum for 3 years compounded annually.
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Answer 1

Step-by-step explanation:

We know that, CI = A - P

[P(R/100)]ⁿ - P

[15625(104/100)³] - 15625

(15625 × 26/25 ×26/25×26/25) - 15625

17576 - 15625

1951